Meaning of obligee
WebThe meaning of OBLIGEE is one to whom another is obligated (as by a contract); specifically : one who is protected by a surety bond. How to use obligee in a sentence. one to whom … WebThe Obligee is the party to whom the Obligor owes that performance. In other words, the Obligor is the party who has the responsibility to do something, and the Obligee is the party who has the right to receive that performance. If one party fails to live up to their obligations under the contract, that is called a breach of contract.
Meaning of obligee
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WebOBLIGEE Meaning: "person to whom another is bound by contract," 1570s, from oblige + -ee. See origin and meaning of obligee. WebOct 4, 2024 · The obligee can be a bank, a credit company, or a person who gets a surety bond to make sure that another person will complete something as contractually promised. Insurance policyholders are also obligees, insofar as their insurance contract stipulates that they are obliged to pay premiums to the insurance company. Advertisement.
WebApr 17, 2024 · An obligor is an individual who owes a benefit or payment to another person, such as child support, alimony, or a payment on a loan. The individual receiving the benefit is known as the obligee, and they benefit from the terms of the contract. Webobligor (ah-bluh-gore) n. the person or entity who owes an obligation to another, as one who must pay on a promissory note. Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. …
WebObligee: the party who requires the bond and is protected by the bond Surety: the party who issues the bond For example: contractor license bonds. The obligee is the construction contractor board (the one who … Webobligee ( ˌɒblɪˈdʒiː) n 1. (Law) a person in whose favour an obligation, contract, or bond is created; creditor 2. (Law) a person who receives a bond Collins English Dictionary – …
WebWhat Does Obligee Mean? The term refers to whatever agency requires or "obligates" you to get a bond. In the case of commercial bonds, it's typically the federal, state, or local …
WebMost often, the obligee will be a federal, state, or local government agency who is requiring your customer to purchase a bond as a prerequisite to obtaining a business license or … fitting bosch integrated dishwasherWebA: Each surety bond that's issued acts as a three-party contract. The principal purchases the bond to guarantee the quality of work to be done in the future. This is usually a business owner or other professional. The obligee requires the principal to purchase a bond to avoid potential financial loss. This is usually a government agency. can i get a cortisone shot without a referralWebnoun Law. a person to whom another is obligated or bound. a person to whom a bond is given. a person who is under obligation for a favor, service, or benefit. obligor obligee … can i get a coupon discount from ll beanWebAug 31, 2024 · An obligor is a party that is obligated to do something under the terms of a contract. An obligor can be an individual, a group, or a business. You might be familiar with the term 'obligor' because... fitting bosch windscreen wipersWebSurety: Definition, How It Worked with Debenture, and Distinctions Surety bonds am financial instruments that link the principal, the obligee—often a government entity—and the surety. In the case of surety bonds, the collateral is providing a line of credit to the principal so as to reassure the obligee that the main will fulfill their side ... can i get a court disposition onlineWebWould this negatively or positively impact obligee and child? • It appears, as per the ALICE data, that single parent families with a female as head of the household may be in the most precarious position. If this is the case, it is crucial that we do not overcorrect, as statistically most obligees in IL are female. can i get a cosigner for apartmentWebThe popular meaning of the term “obligation” is a duty to do or not to do something. In its legal sense, obligation is a civil law concept. An obligation can be created voluntarily, such as one arising from a contract, quasi-contract, or unilateral promise. fittingbox recrutement