surety bond
surety bond · surety bonds
A bond issued by one party, the surety, guaranteeing that he will perform certain acts…A bond issued by one party, the surety, guaranteeing that he will perform certain acts promised by another or pay a stipulated sum, up to the bond limit, in lieu of performance, should the principle fail to perform.
Meaning
2 sensesA bond issued by one party, the surety, guaranteeing that he will perform certain acts promised by another or pay a stipulated sum, up to the bond limit, in lieu of performance, should the principle fail to perform.
In a criminal case, the surety (or bail) bond assures the appearance of the defendant or the repayment of bail forfeited upon the defendant's failure to appear in court.
More definitions
- a bond given to protect the recipient against loss in case the terms of a contract are not filled; a surety company assumes liability for nonperformance
Forms
plural: surety bonds| Singular | surety bond |
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| Plural | surety bonds |
regular
Synonyms
1 synonymsClose in meaning
- a bond given to protect the recipient against loss in case the terms of a contract are not filled; a surety company assumes liability for nonperformance:performance bond