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Originally Posted by Numbers Who is primarily responsible party under a bond? |
A surety bond is a three party agreement. The parties are the principal, the obligee, and the surety. The surety guarantees the performance of the principal (in some underlying agreement) to the obligee. The "beneficiary" of the surety bond is the obligee. The "responsible party" is initially the principal - until there is a problem then I suppose the surety would take over as responsible party.