Obligor

{
  "id": "MLC-T-INS-002380",
  "term": "Obligor",
  "field": "Insurance and risk management",
  "definition": "The party who is bound by a legal or contractual obligation to another party, known as the obligee. In the context of surety bonds, the obligor is the principal, the party who has undertaken to perform a contract or fulfill a duty. If the obligor fails to meet their obligations, the surety may be called upon to compensate the obligee.",
  "url": "https://mlchart.com/terminology/insurance/obligor/"
}