Willard D. Martin Insurance Agency

122 Washington Street
Marblehead, MA 01945
Phone: (781) 631-5050
Fax: (781) 639-6333

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Bonds

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Commercial Insurance Bonds

Contract Insurance, Bid Bonds, Surety Bonds

A Bond guarantees the fulfillment of a legal obligation.   It is a three party agreement where the third party (Surety)  guarantees to a second  party  (Obligee or owner) the successful performance of the first party (the Principal)

 

Contract Bond is where one party (Principal) has been awarded a construction or supply contract with a condition that a bond from a Surety will be given to guarantee to the Owner (Obligee) the performance of the Principals obligations under the contract.

 

A Surety Bond is a written agreement whereby one party, called a Surety, makes promises or guarantees on behalf of another party, called a Principal. In the agreement, the Surety makes these promises or guarantees to a third party called the Obligee.

 

 

 

 

 

 

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