Description
A bond is an undertaking by one party (guarantor or surety) that if another party (e.g. contractor or obligor) fails to perform his obligations to another party (principal or beneficiary), the guarantor will make it good; although the liability of the guarantor does not arise until the obligor has actually defaulted. Types of bonds include Bid, Performance, Advance Payment, Credit, Maintenance, Retention Money, and Custom bonds, etc.
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