Vasquez Construction has been awarded a contract by a local school board to build a new public school and must provide a performance bond.
a. With respect to the performance bond, identify the principal, surety, and obligee.
b. If Vasquez Construction fails to complete the building according to the terms of the contract, what would be the surety's obligation?
c. Does the surety have any recourse against Vasquez Construction in this example? Explain your answer.