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Surety bonds play a crucial role in government procurement by mitigating the risks associated with contracting projects, ensuring accountability, and protecting taxpayer funds. They provide a level of assurance to the government that projects will be completed as agreed upon and that all parties involved will be fairly compensated. Surety bonds are a type of financial guarantee that ensures contractual obligations are fulfilled. In government procurement, surety bonds serve as a form of protection for the government and taxpayers against financial loss due to contractor default or failure to meet contractual obligations.