Glossary

Obligor

A person or organization that is bound by an obligation to another. In a bonding situation, this party, commonly called the "principal," purchases a bond to protect the party to whom it owes an obligation. For example, under a performance bond, the obligor is the contractor that is required to perform the specified work for the project owner.

Definition provided by the International Risk Management Institute (IRMI) Glossary of Insurance.

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