Partner

[Bond Magician]

My business partner and I aren't exactly seeing eye to eye lately - and I believe that he has contacted our surety company in an attempt to be removed from the indemnity agreement; however, we are still 50/50 partners. Is this illegal?

[Surety Queen]

Originally Posted by Bond Magician

My business partner and I aren't exactly seeing eye to eye lately - and I believe that he has contacted our surety company in an attempt to be removed from the indemnity agreement; however, we are still 50/50 partners. Is this illegal?

As long as he is a partner, Surety will not allow him to be removed from the indemnity agreement. If he does contact Surety, they will require proof that he is no longer an owner - like providing a copy of the resolution removing him as a partner.