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 ?
To be licensed in the state of Michigan, security guard agencies must maintain either a $25,000 surety bond or policy of insurance: $25,000 for property damages; $100,000 for injury or death of one person, and $200,000 for injuries or deaths of more than one person arising out of the operation of the licensed activity.
Vic Lance is the founder and president of Lance Surety Bond Associates.
has been serving clients from coast to coast for over seventeen years and is a proven and established provider in the surety bond industry.
The five-year average of Insurgente's net loss ratio is 24% and acquisition cost plus operating expenses is 65%, resulting in a combined ratio of 89% (December 2017: 74% compared to 85% in the Mexican surety bond sector).
Eric Weisbrot is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry under several different roles within the company, he is also a contributing author to the surety bond blog.
Here's how it works: Construction companies working on public projects from federally owned military bases to state-owned public schools are required to purchase an insurance policy for their clients, known as a surety bond, before bidding on any of those public projects.
The SJC affirmed, concluding that "a surety bond in the face amount of $6,000 is not the 'equivalent' of $6,000 in cash for purposes of G.L.c.
To address the problem of fake bonds, Funa recommended that surety companies must be afforded with a remedy within the NLRC to address the issue of the validity of a surety bond.
Surety bonds are an indispensable part of doing business for many companies offering services in the public and private sectors.
Florendo Quibuyen, Eastern Police District Director for Operations (EPD-DO), disclosed today that the nine cops were freed on January 19 with the help of other Mandaluyong cops who chipped in for the surety bond.
Surety bonds and guarantees (such as performance bonds or advance payment bonds) are required under the terms of a construction or engineering contract to secure the performance of the contractors to the project owners.
* The SBA will increase the guarantee percentage ceiling in the Preferred Surety Bond Program from 70 percent to 90 percent.