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Surety bonds are perceived by surety companies to carry zero risk. They define the agreement terms among the principal, surety company, and obligee, specifying the payout amount if a claim occurs. Typically, these bonds lack clauses regarding the principal's reimbursement to the surety. To mitigate potential losses, surety companies rely on indemnity agreements, which are contracts that transfer risk between two parties. In this context, the principal (indemnitor) assumes the risk, while the surety company (indemnity) is relieved of liability. Indemnity agreements are therefore crucial for surety companies when issuing bonds, ensuring they can safeguard against potential claims.
