Performance and/or Payment Bond
Performance and/or Payment Bond Information
- all first-tier subcontractors, suppliers and laborers to the general contractor, and
- all second-tier subcontractors, suppliers and laborers who have a direct contract with a first-tier subcontractor.
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Three party agreement
Surety Bond Definition: The definition of a surety bond is as follows: A surety bond is a binding agreement between three parties. This agreement sets forth a financial guarantee by one party ( “surety” ) to another party ( “obligee” ) that a third party ( “principal” ) will fulfill required obligations to the obligee, and that state, federal, and local laws and applicable regulations will be adhered to. Let’s examine each of the three parties.Learn more about surety bonds