surety(redirected from Bond, Penalty)
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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
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
A person or organization who, for a consideration, promises in writing to make good the debt or default of another.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.