MLchartDataset catalogue

Surety

Term · Insurance and risk management · MLC-T-INS-003247

A party that guarantees the performance of an obligation by another party, known as the principal, to a third party, the obligee. In the context of a surety bond, the surety assumes responsibility for the principal's debt or default if the principal fails to fulfill their contractual duties. The surety typically has the right to seek reimbursement from the principal for any losses paid.

Table 1. Record
IdentifierMLC-T-INS-003247
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-003247",
  "term": "Surety",
  "field": "Insurance and risk management",
  "definition": "A party that guarantees the performance of an obligation by another party, known as the principal, to a third party, the obligee. In the context of a surety bond, the surety assumes responsibility for the principal's debt or default if the principal fails to fulfill their contractual duties. The surety typically has the right to seek reimbursement from the principal for any losses paid.",
  "url": "https://mlchart.com/terminology/insurance/surety/"
}

Record 3,309 of 3,682 in Insurance and risk management terminology (MLC-0106). Request the full dataset.