In surety terms, the defendant whose performance is guaranteed is the ...

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Prepare for the Ohio Bail Bonds Test. Utilize flashcards and multiple-choice questions, complete with hints and explanations for each question. Master the material and succeed on your exam!

Multiple Choice

In surety terms, the defendant whose performance is guaranteed is the ...

Explanation:
In suretyship, the party whose obligation must be fulfilled is the principal. The bond is a guarantee of the principal’s performance to the obligee (the party requiring the bond). If the principal fails to perform, the surety steps in to cover the obligation up to the bond amount, and may then seek reimbursement from the principal or any indemnitors. The indemnitor is the party who agrees to reimburse the surety for losses, often the same person as the principal, but not the party whose performance is guaranteed. The surety itself is the guarantor, not the one bound to perform.

In suretyship, the party whose obligation must be fulfilled is the principal. The bond is a guarantee of the principal’s performance to the obligee (the party requiring the bond). If the principal fails to perform, the surety steps in to cover the obligation up to the bond amount, and may then seek reimbursement from the principal or any indemnitors. The indemnitor is the party who agrees to reimburse the surety for losses, often the same person as the principal, but not the party whose performance is guaranteed. The surety itself is the guarantor, not the one bound to perform.

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