A term used in surety bonds to refer to the individual or firm bound by an obligation. Also known as the principal.
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Commonly called “principal,” one bound by an obligation. Under a bond, strictly speaking, both the principal and the surety are obligers.
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The person who has engaged to perform some obligation, one who makes a bond; the bonding company.
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UK: The person, also called the principal, giving the bond to the obligee. In a performance bond it is the contractor, i.e. the party bound under the bond.