Surety Bonds in the State of Wisconsin
Wisconsin surety bonds are three-party risk transfer mechanisms. The parties involved in this legal agreement are as follows:
- Principal – the person who is asked to obtain a Wisconsin surety bond
- Obligee – the person who will benefit from the surety bond in case the Principal fails to do his or her obligations or violates any of the relevant laws
- Surety – Surety Bond Authority
The duty of the Principal is to perform the obligations required in a legal manner. The role of the Surety is to guarantee the Principal’s performance and to settle a valid claim. The Principal will have to indemnify the Surety once the claim is settled. If a claim is made against a Wisconsin surety bond, our surety bond company will first investigate the claim. It is our duty to pay the Obligee if the claim has been deemed valid. However, it is also our duty to the Principal not to settle a claim if legally valid defenses exist.
If you want to get your Wisconsin surety bond ASAP, apply for your bond today! Bond processing is as fast as 1 day!