suretyship


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sur·e·ty

 (sho͝or′ĭ-tē)
n. pl. sur·e·ties
1. The condition of being sure, especially of oneself; self-assurance.
2. Something beyond doubt; a certainty.
3. A pledge or formal promise made to secure against loss, damage, or default; a security.
4. One who has contracted to be responsible for another, especially one who assumes responsibilities or debts in the event of another party's default.

[Middle English surte, from Old French, from Latin sēcūritās, from sēcūrus, sure; see secure.]

sur′e·ty·ship′ n.
References in classic literature ?
There was that suretyship for poor Riley, who had died suddenly last April, and left his friend saddled with a debt of two hundred and fifty pounds,--a fact which had helped to make Mr.
Deposits and guarantees required: the candidate should, if possible, submit a declaration of readiness by a credit institution or suretyship insurer approved in the european communities or in one of the contracting parties to the agreement on the european economic area or in a state of the contracting parties to the wto agreement on government procurement in the event that it gives bank guarantees as a performance bond in the amount of 35,000.
Islamabad -- In order to consult the stakeholders, the Securities and Exchange Commission of Pakistan (SECP) has issued Draft Credit and Suretyship (Conduct of Business) Rules, 2016 vide S.
Then he covers general principles of the law of contract, conditions of substantive validity, the contents of a contract, contracts and third persons, the end of the contract, remedies, and special topics such as gaming and wagering and suretyship.
However, the overall impact in 2012 was offset by surges in premiums in smaller lines, such as general liability and suretyship.
Release date- 15082012 - The Novosibirsk subsidiary of the Bank of Moscow has won a tender among banks participating in the programme for extending loans and granting bank guarantees under suretyship of the Novosibirsk Region Small and Medium-sized Business Development Fund.
In construing the term "policies", the Court is mindful of the significant distinctions between suretyship and insurance.
He next presents chapters focusing on specific contracts, covering agency, bailment, gaming and wagering, sale of goods, building contracts and hire of work and skills, commercial and agricultural leases, compromise settlement, suretyship, pledge, loans, contracts with the government and other public administration, contract of partnership, and restitution (including quasi-contract).
Where one person is undoubtedly responsible for the debt of another, even in the absence of a suretyship agreement, the author argues it should be possible to apply the law of suretyship by analogy.
Suretyship is a contract by which the surety binds himself as liable towards the creditor of another person gratuitously, or for remuneration, in the event where the person in whose favor suretyship is granted fails to perform the obligation in whole or in part.
This article discusses the inherent differences between insurance and suretyship, highlighting the distinctions that arise in claims made for defective workmanship under a CGL policy or under a surety performance bond.
Guarantees and indemnities are both long established forms of what the law terms suretyship.