A three-party contract in which one party, (the surety/insurer), guarantees the performance or honesty of a second party, (the principal or obligor), to the third party (obligee), to whom the performance or debt is owed.
A three-party contract in which one party, (the surety/insurer), guarantees the performance or honesty of a second party, (the principal or obligor), to the third party (obligee), to whom the performance or debt is owed.