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Surety bonds are initially perceived as zero-risk for the issuing surety company, detailing the agreement's terms among the principal, the surety, and the obligee, including potential payouts for claims. However, they often lack specifics on the principal's reimbursement to the surety. To mitigate risk, surety companies rely on indemnity agreements, which are contracts transferring risk between two parties. In this context, the principal (indemnitor) assumes the risk, while the surety company (indemnitee) is protected from liability. This mechanism enables surety companies to issue bonds confidently, as the indemnity agreement ensures they can recover losses from the principal.
