LAWalegalagreementin which someonepromisestopayapersonororganizationasumofmoneyif anotherpersondoes not do something they hadpromisedto do:Contractors are notrequiredtopostasuretybond, but they must have at least $3 million inliabilityinsurance.(Definition ofsurety bondfrom theCambridge Business English Dictionary? Cambridge University Press)
Examplesofsurety bond
surety bondIf a givensuretybondtype has paid out a high percentage of claims then the premium amount paid by applicants will be higher.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.Each notary public is required to file a $1,000suretybondwith the court clerk in their county of residence.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.Asuretybondalso replaces the need for collateral.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.At the time of its failure the financial institution had 1,000 depositors with deposits in the amount of $360,000, secured by asuretybondof $100,000.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.Where the accused is released on asuretybond, the surety may apply to the court for an order to be removed.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.Those who are perceived to be a higher risk will pay a highersuretybondpremium.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.A key term in nearly everysuretybondis the "penal sum".FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.Until 1987, he worked as asuretybondexecutive.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.Most of the states require asuretybondwith widely ranging amounts from as little as $25,000 to over $1 million and maintaining a minimum capital requirement.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.Purchase a $5,000 tax preparersuretybond.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.#https://dictionary.cambridge.org//dictionary/english/surety-bond##
