The word caution has two equally widespread uses, on the one hand, it is used to refer to prevention or caution In any aspect, for example, applied to an individual, it can refer to the caution that they show when acting. " Juan acts with great caution, it is impossible that he has broken the bottle.”
Calm that someone presents in their behavior
The surety in this sense implies the preparation and disposition of a person accordingly to prevent a risk from occurring, or failing that, to deploy an action.
There are situations that demand that you act with reserve and calm in order to avoid unpleasant consequences, or some fact that causes a problem x and does not allow you to continue acting or doing something.
Prudence, which is precisely considered a divine virtue, is a characteristic of people who act with caution, since it will always imply acting with thoughtfulness and caution in order to avoid harm or danger.
To avoid falling into mistakes, or making hasty decisions, it will always be ideal to think, take the time necessary to evaluate each alternative, and in this way be able to choose the most appropriate, otherwise, when acting without caution or without thinking it is common for mistakes to be made.
Guarantee that ensures that a party will comply with the agreed agreement
And on the other hand the word surety is the guarantee, the personal security that the agreement will be fulfilled in a timely manner, for example a contract, an agreement entered into, among others.
Therefore, it is a concept that is used recurrently in the field of law to refer to that guarantee that will be provided to ensure that an obligation contracted will be effectively fulfilled without delay or setbacks.
In other words, with the security in force, it will be guaranteed that a sentence is fulfilled in the event that a judicial claim is reached.
When a person signs an agreement or contract x and wants to be reliably believed that they will comply with the agreed terms, they will show a surety, which is a guarantee as we have already indicated, and that will assure the other party that they will comply with the agreement.
It may be presented as a guarantee to a guarantor, that is, a natural person, or a valid oath or commitment may be made before a relevant authority that will validate it, of course.
The surety always assumes the function of being a guarantee of payment or compensation for an economic loss.
It is always managed before the eventual possibility of suffering damage, it is a safeguard and defends the interests of one of the parties involved in the agreement.
Meanwhile, the concept of surety is closely linked to the universe of insurance.
Surety insurance: it is contracted so that the insurer compensates the party that suffers damage
Surety insurance, also know as warranty insurance, It will be that insurance contract from which the insurer undertakes to indemnify the other party, the insured, for the damages suffered by the insured in the event that the policyholder, who is the contracting party, the person who stipulates the insurance contract. insurance and signs the policy issued by the insurance company, fails to comply with the obligations, whether legal or contractual, that it maintains with it.
The raison d'être of this type of insurance finds its objective when one of the parties involved in a contract requires from the counterpart a guarantee that secures the fulfillment of the obligations contracted, then, the way to achieve the guarantee is to contract the insurance of surety, since if the obligated party fails to comply with its commitment, the insurer is the one that will be responsible for the compensation resulting from the aforementioned breach, always within the conditions agreed upon in a timely manner.
The surety is a widely disseminated insurance at the time of signing contracts with public administrations; in this case, the contract taker is the contractor company and the public administration is the insured.
It should be noted that the main advantage that results from this type of insurance is that it does not imply large economic losses on current assets, since it is enough to pay the insurance premium to be properly covered.
So, surety insurance consists of three parts: insured or principal (beneficiary of the insurance), insurer or company (insurance issuing entity, guarantees to the insured the fulfillment of the obligation contracted at the time by the proposer) and the proposer or taker (Responsible for complying with the obligation, signs the agreement with the company so that once it is signed, it issues the corresponding policy).
