surety


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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 ?
Ideally, contractors should have a surety program created in advance-before a bond is needed, Gordon says.
Argo Group International Holdings Ltd (NASDAQ:AGII), an underwriter of specialty insurance and reinsurance products, revealed on Friday that Argo Surety and the private surety company SureTec Financial Corp, will provide expanded combined capacity for the middle market contract surety segment.
According to Axis, Pesce will be responsible for building and managing Axis Insurance Insurance's surety bond business in the US.
When comparing a surety bond with a bank letter of credit, consider a variety of factors in addition to cost.
Bill Maroney's 32 years of surety industry knowledge and achievement will be invaluable in overseeing the only trade association solely dedicated to the advancement of surety bond producers," according to Richard Foss, executive vice president of NASBP.
South Coast Surety has announced that their Quick and Easy Contract Surety Program is giving same day approvals with their Simple Contract Express Application.
s (NASDAQ: BOMN) General Indemnity Group, LLC, (GIG) surety product subsidiary has acquired Kansas, US-based surety services provider Surety Support Services, Inc.
A key product for an owner looking to transfer performance or payment guarantee risk is a surety bond.
A surety bond is a three-party agreement designed to ensure an individual will perform according to the terms of a contract.
ACE will be providing customers from Spain and Portuguese with surety products such as contract bid, performance and advance payment bonds; customs bonds; bonds to secure legal/regulatory obligations; and bonds to appeal adverse tax-related and civil judgements.
BANKING AND CREDIT NEWS-August 19, 2013--Pesce named US surety director for Axis Insurance(C)2013 M2 COMMUNICATIONS http://www.