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SURETY (PERFORMANCE) BONDS How to Get Paid by the SuretyTCAA 2022 Summer Conference June 16, 2022Amy EmersonCoManaging Partner303 Colorado Street, Suite 2800 Austin, Texas 78701 aemerson@allensworthlaw.com1By

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Research and understand the different types of surety bonds available.

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What is surety bonds - protection?

Surety bonds are a three-party agreement that guarantees the obligations of one party to another will be fulfilled. They serve as a form of protection for the obligee against losses resulting from the principal's failure to perform.

Who is required to file surety bonds - protection?

Typically, contractors, businesses, and individuals who are involved in certain regulated activities or projects are required to file surety bonds to assure the performance of their obligations.

How to fill out surety bonds - protection?

To fill out a surety bond, one must complete the bond form by providing the required information, such as names of the parties involved, the amount of the bond, and the conditions of the bond, and sign it, often in the presence of a notary.

What is the purpose of surety bonds - protection?

The purpose of surety bonds is to provide a financial guarantee that obligations, such as contracts or legal requirements, will be executed according to the agreed terms, thus protecting the obligee against potential non-performance.

What information must be reported on surety bonds - protection?

Information that must be reported on surety bonds typically includes the names and addresses of the principal and obligee, the bond amount, the purpose of the bond, and specific conditions under which the bond can be claimed.

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