What is a waiver of sureties?

A waiver of sureties is a legal document that relinquishes the requirement for sureties or guarantors in a contract or obligation. This waiver typically occurs in situations involving bonds or loans, where the party receiving the waiver agrees to proceed without the financial backing of sureties. It can streamline transactions and reduce costs for the party seeking the waiver, but it also increases the risk for the lender or entity relying on the obligation. The specifics of a waiver of sureties can vary based on jurisdiction and the nature of the agreement.