OPINION DELIVERED: June 15, 1995 Argued January 19, 1995 On Application for Writ of Error to the Court of Appeals for the Third District of Texas Justice Owen delivered the opinion of the Court in which all the Justices join. The issues in this case involve the duties and liabilities of a commercial surety to its bond obligee. We hold there is no common law duty of good faith and fair dealing between the surety and the bond obligee comparable to that between a liability insurer and its insured. We further hold that article 21.21 of the Insurance Code is inapplicable to a commercial surety, and accordingly, reverse the judgement of the court of appeals in part. 850 S.W.2d 285, __ S.W.2d __. 1 We affirm the holding of the court of appeals that the surety in this case is liable under the terms of the bond for the default of the principal.