Which of the following is NOT a party involved in a surety bond?

In the context of surety bonds, the parties involved include the principal, obligee, and surety. The principal is the party that needs the bond and is responsible for fulfilling the obligation, such as performing a contract or paying a debt. The obligee is the entity that requires the bond and is the one to be protected against the principal's failure to meet their obligations. The surety is the party that provides the bond, guaranteeing the principal's obligations will be fulfilled; if the principal defaults, the surety is responsible for compensating the obligee.

Collateral, on the other hand, is not a party to the bond itself. Instead, collateral may be tied to the process of securing the bond but does not have a role as a party. Therefore, identifying collateral as the answer highlights an understanding that it is not part of the triad structure typical to surety bonds, which consists of the principal, obligee, and surety.