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Surety bonds are issued under the assumption of zero risk for the surety company, as outlined in the bond agreement between the principal, surety, and obligee, detailing the payout terms for claims. However, the bond itself usually lacks provisions for the principal’s reimbursement to the surety. To mitigate potential losses, surety companies rely on indemnity agreements. An indemnity agreement is a contract transferring risk, where the principal (indemnitor) assumes the risk, and the surety company (indemnitee) is protected from liability. This agreement is crucial for ensuring the surety can issue bonds with confidence, knowing they can recover losses if claims arise.
