A recurrent theme in my discussions with NASBP members and affiliates is that surety bonding is little understood by many, even by bond obligees and principals. Like other things that may be required of a person or entity, obligees and principals only may understand bonding as a necessary part of the processes they go through to accomplish their ultimate business objectives. They likely know that bonds are required to be furnished by statute or regulation, but they may not understand the importance of bonding from a “big picture” perspective or how it functions in specific situations. They get the bond and then move on to the next pressing business issue. This ...