surety bond


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Related to surety bond: performance bond

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 ?
Feighl and Hohlt join EPIC from Marsh Wortham in Houston, where Feighl spent more than 20 years as a managing principal and a surety bond and executive liability broker.
The changes introduced by this bill concern the amount of surety bond which money transmitters need to obtain, their net worth and more.
"Recent Medicare changes now require dentists who act as Durable Medical Equipment providers for Medicare-approved appliances (sleep apnea oral appliances, etc.) to secure a $50,000 surety bond. Previously, these dentists were deemed exempt from the federal DMEPOS bond requirement.
The purpose of these bonds is 'as security and as a commitment to comply with all the existing laws and regulations of' the implementing rules and regulations.A surety bond is also required for the licensing of gunsmiths, both individuals and juridical entities.
Although the subsidiary maintains geographic and premium concentration in the Mexican surety and surety bond market, the agency believes GF Aserta will expand its product offerings.
When a bond is in place, the entity requiring a surety bond has the opportunity to make a claim against it should the business, or bondholder, not perform in-line with certain rules and regulations.
Small Business Administration's Surety Bond Guarantee program.
Sandor had not presented enough evidence to move forward, the plaintiff filed a surety bond in the amount of $6,000 so that he could pursue his claim.
Oklahoma Attorney General Mike Hunter and medical cannabis advocates argued the Oklahoma Board of Health's rule requiring a surety bond for medical marijuana dispensaries is overreaching.
However, Funa pointed out that the execution of a surety bond may involve assets of surety companies, and to require them to settle fake bonds 'is prejudicial to its financial condition.'
A surety bond is a function of credit extension, according to Travis Remick, vice president of underwriting for Liberty Mutual Insurance Company, one of the largest providers of surety in the world.