I am a junior college student working on a presentation looking for a simple explanation that anyone could understand, possibly with some examples. As well as what/how are a surety's obligations defined and a breakdown of the penal sum of a performance bond.
The short answer is: A statutory bond is specified by a statute, such as Chapter 2253 of the Texas Government Code, or Chapter 53 of the Texas Property Code.
A common law bond is established by contract for those instances where there is no statute governing the terms and effect of the bond. For example, a bond posted by a subcontractor would be a common law bond.
Good luck.
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Surety's Obligations: The surety (like an insurance company) ensures that a job gets done. If the person hired (principal) fails, the surety steps in - they either finish the job or pay for the losses.
Example: If a builder doesn't finish your deck, the surety either hires another builder or pays you to do it.
Penal Sum of Performance Bond: This is the max amount the surety will pay if the principal fails. It's a percentage of the job's total cost.
Example: For a $100,000 job, if the penal sum is 20%, the surety pays up to $20,000 if the builder fails.
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