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Surety bonds are not limited to a specific contract. The scope of the contract guaranteed by the Surety is outlined in the bond form. Each state or jurisdiction has its surety bond form language to enforce the bond lawfully. Bond forms can be obtained at a specific state agency or regulation department. To understand the …
Once you get into a surety bond contract, you should know that there are five elements that should be present before the law will enforce that guarantee. These elements include competent parties, agreement, consideration, lawful object, and prescribed form. But first, what is a surety bond? A surety bond serves as a written agreement that …
