What is a Surety Bond?
Surety bonds help put landmarks on the map. They also support trade and other business needs. Surety bonds are a credit instrument that provides financial and performance guarantees in a contract. In essence, if one party, known as the principal, fails to fulfill a contractual obligation to another party, referred to the obligee, then the surety promises to pay the obligee a set amount. Since 1890, Zurich surety bonds have helped provide the assurances necessary to build the Hoover Dam, the Confederation Bridge and other visionary structures, including skyscrapers, highways, bridges and canals, both across the country and around the world.