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surety bond

   Also found in: Financial, Encyclopedia, Wikipedia 0.01 sec.
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Noun1.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
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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According to Israel Mata, Regional Manager at Related, "Seventy percent of our residents in California already opt for the surety bond over paying a traditional security deposit at lease signing because they do not want to put up all that money up front.
State and federally funded projects require under the Miller Act (Federal) and Little Miller Act (State), that Surety bonds be provided to protect the public funds designated to the project.
The higher amount is more than double the previous $2 million maximum surety bond guaranteed by the SBA, according to the agency.
 
 
 
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