surety bond(redirected from Surety bonds)
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Related to Surety bonds: Contract Bond
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.
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|Noun||1.||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|