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Who are the three parties to a Surety Bond?

Parties surety bond
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Who are the three parties to a Surety Bond?

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• Principal – Contractor (First Niagara Risk Management’s Client) • Obligee/Owner – City, Municipality, State where public/private funds are coming from in order to finance the project and pay the contractor per the contract • Surety Company – company that is taking on the risk of the Principal.

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