surety

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Related to sureties: guarantor, suretyship

surety

1. a person who assumes legal responsibility for the fulfilment of another's debt or obligation and himself becomes liable if the other defaults
2. security given against loss or damage or as a guarantee that an obligation will be met
3. stand surety to act as a surety

surety

A person or organization who, for a consideration, promises in writing to make good the debt or default of another.
References in periodicals archive ?
Additionally, Pobieglo says a number of new sureties have entered Alaska, creating a "contractor's market.
Employing the various underwriting and claims handling measures can assist sureties in minimizing potential losses.
From a financial reporting standpoint these contractors are held to a higher standard of financial accounting by their sureties.
Recent interviews with several surety executives indicate that, among the major sureties, premium growth will continue to be strong in 2006.
While all bonds have a financial guarantee aspect, sureties consider any bond obligation that does not have any kind of performance component to be a "pure" financial guarantee.
Reinsurers are now more focused on exposure than experience rating, and that change will impact the middle-market sureties also.
This is an old "new" trap for creditors because individual suretyship was not unusual in the past, before corporate sureties developed near the turn of the century.
In 2007, SBA established a more flexible pricing structure, allowing Preferred Surety Bond Sureties to charge current state rates rather than being locked into rates that were established several years ago.
Further, Pesce is chairman of the National Association of Independent Sureties and a frequent speaker at construction industry conferences.
We hear anecdotally from our members that sureties require periodic financial statements, whether every 6 months or every quarter, and small contractors especially are seeing more losses.
These were all being written on the same day except that the sureties were guaranteeing delivery under one of them, and those guarantees were being used by Mahonia (J.