What is a requirement for individuals wanting to perform as sureties?

Individuals who want to perform as sureties are required to agree to pay a bond premium. This premium is essentially the fee paid to the surety for underwriting the bond, which assures the obligee that the obligations of the principal will be fulfilled. By agreeing to pay this premium, the surety takes on the financial responsibility associated with the bond, which is central to their role in the surety bond process.

Payment of the bond premium signifies that the surety is willing to take on the risk involved in guaranteeing the obligation, which is fundamental to the nature of suretyship. Without this agreement, the surety would not be financially committed to the bond, making it impossible for them to provide the necessary guarantee that is expected in these arrangements.