Surety or Bonds

An agreement whereby one party called the Surety, for a Valuable consideration or free known as premium, binds himself to guarantee the performance of another party called the Principal or Obligor of an obligation or undertaking in favor of a third party called the Obligee.

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See Application and Requirements


Application and Requirements

Parties to a Bond:

The Surety – issues the bond and is the guarantor
The Principal or Obligor – on whose behalf the bond is issued by the Surety
The Obligee – In whose favor the bond is issued

Surety Agreement:

The Principal Contract – this is the contract between Principal and the Obligee where the former binds himself to faithfully performs his obligation in accordance with the terms and conditions agreed upon.

The Contract of Suretyship – this is the contract wherein the Surety guarantees the faithful performance of the principal of his contract with the Obligee.

The Indemnity Agreement – contract where the Principal and his co-indemnitors bind themselves to reimburse the Surety for losses sustained in consequence or the issuance of the bond. This agreement also provides that the principal agrees to pay the bond premium.

Coverages

Non-Judicial Bond

Construction Bond
• Bidders Bond
• Performance Bond
• Advance payment Bond
• Labor and Materials Payment
• Warranty Bond

Fidelity Bond
• Guarantee Payment Bonds
   ⁃ Credit
   ⁃ Financial

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The birth of MAA General Assurance Phil., Inc. (MAAGAP) took place when its parent company, MAA International Group Ltd. (MAAIG) from Malaysia ventured to strategically expand its business in Asia. MAAIG is an offshore composite insurance company licensed under the Offshore Insurance Act 1990 in Labuan International Offshore Financial Centre (IOFC) to underwrite life and general insurance and reinsurance business. Gearing for the planned expansion, MAA procured the insurance license of the then Paramount Insurance Corporation and renamed it MAA General Assurance Phil., Inc.

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Published on October 05, 2023
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