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Glossary

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 Obligee

The individual, business or organisation name in a surety bond in whose favor the obligor promises performance.  The person, firm or corporation protected by the bond.

 Obligor

In a surety bond, the principal or party bound by the obligation.  Under a surety bond, both the principal and the surety company are obligors, as the surety must respond should the principal default.

 Principal

A person who has authorised another (agent) to act on his or her behalf.