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Surety bonds are initially perceived as carrying zero risk for the surety company. These bonds outline the agreement among the principal, the surety, and the obligee, specifying the payout amount if a claim is filed. However, they typically lack details on the principal's reimbursement to the surety. The surety’s confidence in issuing bonds without anticipating losses relies on an indemnity agreement. This two-party contract transfers risk from the principal (indemnitor) to the surety company (indemnitee), ensuring that if a claim occurs, the principal will reimburse the surety, thus protecting the surety from potential losses.
