Government Departments

Government DepartmentsMany surety bonds are required by local laws or regulations. Often, when this happens, the governing body that requires the bond becomes the obligee. Many government departments require different bonds for different types of projects or careers.

Surety bonds are legally binding contracts between three parties. When it comes to surety bonds that are required by the government, they are all very similarly written. The three parts of the bond are as follows:

1) Obligee: This is the government department that requires the bond. More often than not, they will set the terms and determine the amount of the bond needed to cover it.

2) Principal: The person who owns the bond. They are responsible for fulfilling the terms of the bond.

3) Surety: This is the firm that issues the bond. They are also liable in the case of a claim against the bond. It is important to find a surety company that is licensed and registered to do business in your industry, like us at SafeLineSuretyBond!

There are 2 Departments that May Require a Surety Bond

How to Apply for a Surety Bond

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