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Information about Security bond - Procedure & Charges
07-Nov-2023 (In Civil Law)
HI sir ,I want to know About Surety bond What Is the Process & harges to get that .
A surety bond is a contract between three parties
1-the principal (you),
2-the surety (us)
3-and the obligee (the entity requiring the bond)
in which the surety financially guarantees to an obligee that the principal will act in accordance with the terms established by the bond.The bond binds principal to repay the loan , in case of default the entity can recover the money for surety.
I would advice you to get the surety agreement made by a professional .
1-the principal (you),
2-the surety (us)
3-and the obligee (the entity requiring the bond)
in which the surety financially guarantees to an obligee that the principal will act in accordance with the terms established by the bond.The bond binds principal to repay the loan , in case of default the entity can recover the money for surety.
I would advice you to get the surety agreement made by a professional .
Helpful?
13+
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Adv. Tarundeep Singh
Delhi | 25+ Answers
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Hi..
Surety bond is three party agreement in between principal, debter and surety where in default of debter , surety is responsible for principal.in case of Court surety bond can b withdrawal or freed by Court .
Surety bond is three party agreement in between principal, debter and surety where in default of debter , surety is responsible for principal.in case of Court surety bond can b withdrawal or freed by Court .
Helpful?
20+
20+
Adv. Savita Tanwar
Delhi | 25+ Answers
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