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Surety bonds are issued under the assumption of zero risk for the surety company. The bond details the agreement among the principal, the surety company, and the obligee, specifying the payout amount if a claim arises. However, typical bond forms lack provisions about the principal's reimbursement to the surety. This risk assumption relies on an indemnity agreement, a two-party contract that transfers risk from the indemnitor (principal) to the surety (indemnity). The indemnity agreement is crucial for surety companies to confidently issue bonds, ensuring they are protected from potential losses incurred from claims.
