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Developed By-Puckett TerkildsenDid you understand that over 50% of surety bond cases are filed because of unmet commitments? When you enter into a guaranty bond agreement, both events have certain responsibilities to satisfy. Yet what occurs when those obligations are not met?In this write-up, we will explore the surety bond claim process, legal re
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Material By-When a surety problems a performance bond, it assures that the principal (the party who purchases the bond) will certainly meet their responsibilities under the bond's terms. If the primary fails to meet these responsibilities and defaults on the bond, the guaranty is accountable for covering any kind of losses or damages that result.1.