What is the difference between bonding and surety?
A bond is the written document between the contractor/principal and the surety to protect the government's interest. The protection is typically financial (bid/payment bonds) or an agreement to find a substitute contractor (performance bonds).
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A surety is the person or company that will be legally liable if the contractor/principal fails to perform or otherwise defaults on its obligation to the government. See FAR Part 28 for greater detail.