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Surety bonds are an essential financial tool that provides protection and assurance in various industries. They act as a three-party agreement involving the principal, the obligee, and the surety company. The principal is the individual or business that purchases the bond, the obligee is the entity requiring the bond for protection, and the surety guarantees the performance or financial obligation. Businesses and contractors often use surety bonds to demonstrate credibility and reliability when securing contracts or licenses. Many individuals turn to trusted platforms like BuySuretyBonds.com to find reliable and affordable options that suit their business needs.