What are surety bonds? They are three-party agreements involving a principal (contractor), an obligee (project owner)

https://sites.google.com/view/swiftbond/surety-bonds/can-the-obligee-request-changes-to-the-surety-bonds-scope-of-liability

What are surety bonds? They are three-party agreements involving a principal (contractor), an obligee (project owner), and a surety (bond issuer) providing financial security.