A contract bond guarantees the performance of obligations assumed in a contract by the principal...
co-surety
Co-surety describes the situation where multiple sureties combine to provide a bond that the individual sureties are capable of, or interested in, writing alone.
Additional Information
In a co-surety situation, each surety is jointly and severally liable for the full bond amount.
Related Terms
A surety guarantees the performance of another party by agreeing to stand in the place of its...
