South Carolina Bond Undertaking and Approval (Attachment) is an agreement between a surety company and a principal, in which the surety company agrees to provide a bond or other security to guarantee the principal's performance of a contractual obligation. The surety company must provide a written undertaking and approval that fulfills the requirements of the South Carolina Financial Responsibility Law. The bond is typically in the form of a surety bond, fidelity bond, or other financial instrument. The South Carolina Bond Undertaking and Approval (Attachment) must be completed and signed by both the surety and the principal. There are three main types of South Carolina Bond Undertaking and Approval (Attachment): 1. Surety Bond: A surety bond is a financial instrument that provides protection to the obliged (the party requiring the bond) against any financial loss due to the principal's failure to fulfill their contractual obligations. 2. Fidelity Bond: A fidelity bond is a financial instrument that provides protection to the obliged against any financial loss due to the dishonest or fraudulent acts of the principal. 3. Other Financial Instrument: This includes any other type of financial instrument that is approved by the South Carolina Financial Responsibility Law. Examples include letters of credit, bank guarantees, and cash deposits.