What is the nature of the obligation of the surety under a bond?

The obligation of the surety under a bond is considered secondary. This means that the surety is required to fulfill the obligation only after the principal (the party whose performance is being guaranteed) has defaulted on their responsibilities. In essence, the surety acts as a backup to ensure that the obligations will be met, but they are not the primary party responsible for the fulfillment of those obligations.

The reason the surety's obligation is termed secondary is that it hinges on the principal's failure to perform. If the principal meets their obligations, then the surety does not have to take action. It's important to understand that the surety essentially provides a level of security or assurance to the obligee (the party receiving the guarantee) that they will be compensated if the principal defaults.

In contrast, the other terms offered do not accurately describe the nature of the surety's obligation. "Primary" would imply that the surety is the first line of responsibility, which does not reflect the actual relationship among the parties involved. "Joint" would suggest that the surety and the principal share equal responsibility, which is not the case in a suretyship arrangement. Lastly, "conditional" implies that the obligation is based on certain conditions being met, but