surety bond

EnglishEdit

NounEdit

surety bond (plural surety bonds)

  1. (law): A bond issued by one party, the surety, guaranteeing that he will perform certain acts promised by another or pay a stipulated sum, up to the bond limit, in lieu of performance, should the principle fail to perform.
  2. (law): In a criminal case, the surety (or bail) bond assures the appearance of the defendant or the repayment of bail forfeited upon the defendant's failure to appear in court.
Last modified on 20 June 2013, at 00:48