what is surety bond and how it works?
 A Surety bond is a contract issued by an insurance company that provides a financial guarantee to an interested party that a named person or business will adhere to the terms established by the bond. To put it simply, they guarantee that specific tasks are fulfilled. This is achieved by bringing three parties together in a mutual, legally binding contract. The principal is the individual or business that purchases the bond to guarantee future work performance. The obligee is the entity that requires the bond. The surety provides a line of credit in case the principal fails to fulfill the task. 