Who Needs a Surety Bond? Surety Bonds like insurance are needed by both businesses and people for a myriad of reasons.
If you are working on getting a surety bond, you will likely be asked to sign an indemnity agreement. The surety requires that the obligee pay the surety back from loss.
How is a surety bond like a loan? When qualifying for a surety bond, for many, the surety will run your credit report to find a financial responsibility score.
With Nonstatutory bonds, private sector entities require a bond be obtained. They could be a private business or even an individual.