surety bond

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Noun

surety bond - 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

bond certificate, bond - a certificate of debt (usually interest-bearing or discounted) that is issued by a government or corporation in order to raise money; the issuer is required to pay a fixed sum annually until maturity and then a fixed sum to repay the principal

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