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.

Thesaurus

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 nonperformanceperformance bondbond 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

surety bond

A legal instrument under which one party agrees to answer to another party for the debt, default, or failure to perform of a third party.

surety bond

Surety Bond

1. A fee that a security holder must pay to the security's issuer, should the holder lose the physical certificate. The holder receives a replacement certificate in exchange for the surety bond. A surety bond helps reduce fraud.

2. See: Blanket fidelity bond.

surety bond

An insurance fee required before a duplicate security is issued to replace one that has been lost. The fee is approximately 4% of the market value of the security to be replaced.

surety bond

See fidelity bond.

surety bond

Related to surety bond: performance bond

noun

Synonyms for surety bond

noun a bond given to protect the recipient against loss in case the terms of a contract are not filled

Synonyms

performance bond

Related Words

bond certificate
bond

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