Surety Bond Obligee

What is a Surety Bond Obligee?  See more at https://swiftbonds.com/performance-bond/

where to buy a surety bond image

About A Surety Bond Obligee

The Obligee to any surety bond is the party that receives the benefit of the bond. In a contractual situation, this is the owner of a project. Thus, if the general contractor is unable to perform, then the Obligee can look to the surety to make it whole.

The Obligee is the party that requires the Obligor (the general contractor) to get the bond.  That way, if the Obligor is unable to perform under the terms of the agreement, then the Obligee can be assured that they can get another party to finish the project or get paid damages.  This reduces their risk considerably.

In any governmental contract, the federal government or municipality is the Obligee.

See our Facebook page

See our Twitter page

The post Surety Bond Obligee appeared first on Surety, Contract, Payment, and Performance Bonds.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s