An agreement whereby the Surety, for a consideration, guarantees the performance of the principal in favor of the Obligee. 

 Parties to a Bond

• Surety – issues the bond and is the guarantor.
• Principal – fulfills the obligation and on whose behalf the bond is issued by the Surety.
• Obligee – beneficiary of the bond or in whose favor the bond is issued and protected against losses due to non-performance of the Principal.

 Surety Agreement

• Principal Contract – a contract between the Principal and Obligee where the former should faithfully perform his obligation according to the terms and conditions agreed upon.
• Contract of Suretyship – a contract wherein the Surety guarantees the faithful performance and compliance of the Principal of his contract with the Obligee.
• Indemnity Agreement – a contract or agreement where the Principal and his Co-indemnitors promise to reimburse the Surety for losses incurred. This agreement also provides that the Principal agrees to pay the bond premium.

Liberty Insurance Corporation provides the following bonds:

– Surety Bond:

`Bidders Bond

Performance Bond

Advance Payment Bond

Warranty Bond

– Fidelity Bond

– Judicial Bond:
We offer surety bonds, fidelity bonds, and judicial bonds.

• Bail bond
• Heir’s bond

– Bail Bond