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Surety bonds are designed to carry zero risk for the surety company issuing them, as outlined in the bond's terms, which detail the agreement between the principal, surety, and obligee, including the payout amount if a claim is made. However, these bonds typically lack clauses regarding the principal's reimbursement to the surety. To mitigate risk, surety companies utilize indemnity agreements, which are two-party contracts transferring risk from one party (the principal or indemnitor) to another (the surety). This ensures that while surety companies issue bonds with minimal risk, they have a mechanism in place to reclaim any losses incurred due to a claim.
