Bond
Bond means a written instrument executed by a bidder or contractor (the principal), and a second party (the surety or sureties) (except as provided in 28.204), to assure fulfillment of the principal's obligations to a third party (the obligee or Government), identified in the bond. If the principal's obligations are not met, the bond assures payment, to the extent stipulated, of any loss sustained by the obligee. The types of bonds and related documents are as follows: