surety bond


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Related to surety bond: performance bond

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.
References in periodicals archive ?
And the bank would not disperse the loan until it receives proof that the surety bond has been secured.
So, for companies with strong, investment-grade credit profiles, surety bonds may be a solution.
Opting for a surety bond over a letter of credit may give your client the opportunity to obtain a surety bond without putting up collateral or security to a bank.
The company found that surety bonds costing the resident only $131.
In Alaska, nearly $25 million in surety bond premiums were written in 2008, according to figures from the Alaska Division of Insurance.
He adds that "the canceled surety bond domino that tipped and caused our critical liquidity crisis can't be ignored or thought of as entirely independent.
The new management team, led by long-time real estate services executives Stuart Litwin and Daniel Rudd, believes that over the next three years, more than one million renters will be covered by SureDeposit, which issues a surety bond to replace traditional security deposits.
CASH FUNDED DSRF TO COVER NONPERFORMING SURETIES: The indenture calls for cash-funded debt service reserves to cover any shortfall caused by a debt service reserve surety bond provider's non-payment, on a pro rata basis.
He contended that the bail confirmation was attached with submission of surety bond.
11, 2014 /PRNewswire-USNewswire/ -- Today, the Native American Contractors Association and National Association of Surety Bond Producers signed a Memorandum of Understanding between the two organizations.
The court has directed the accused to submit the surety bond immediately.