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Explain 5 types of surety bonds

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Reference no: EM132923735

Surety Bond is a guarantee that is usually given in the form of compensation in the form of money (monetary) if the party given the guarantee fails or is unable to show and or prove and / or keep his promise.

Some examples that are often encountered in business practice are a contractor company that fails or is unable to keep its promise to complete project construction on time.

Identify and explain at least 5 types of surety bonds offered to the public. Give an example!

Reference no: EM132923735

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