surety bond

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surety bond

n.
A guarantee issued by a surety agency on behalf of a client, requiring the agency to pay a sum of money to a third party in the event the client fails to fulfill certain obligations.
ThesaurusAntonymsRelated WordsSynonymsLegend:
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
References in periodicals archive ?
Once this calculation is made, the required amount for which that person must be covered by a bond, either by himself or as a part of a group or class being bonded under a blanket or schedule bond, is not less than 10% of the amount handled or $1,000, whichever is the greater amount, except that a bond is not required in an amount greater than $500,000.
Beeler said he was told that the magistrate would not schedule bond hearings because the defendants did not have lawyers.
This is available in three formats: individual bonds, schedule bonds and blanket bonds.