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  1. Numbers
    Numbers is offline Member
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    Oct 2007
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    80

    Primarly responsible

    Who is primarily responsible party under a bond?
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  2. Surety Queen
    Surety Queen is offline Surety Professional
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    Oct 2007
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    558

    Primary Responsibility

    Quote 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.
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