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A surety bond is defined as a contract among at least three parties: [1] the obligee: the party who is the recipient of an obligation; the principal: the primary party who will perform the contractual obligation; the surety: who assures the obligee that the principal can perform the task; European surety bonds can be issued by banks and surety ...
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money , intended to secure a futures contract , commonly known as margin .
Surety bond: By a surety bond, a third party agrees to be responsible for the debt or obligation of the defendant. In many jurisdictions this service is provided commercially by a bail bondsman , where the agent will receive 10% of the bail amount up front and will keep that amount regardless of whether the defendant appears in court.
1836 marriage bond of Edgar Allan Poe and Virginia Eliza Clemm Poe. A marriage bond was a type of surety bond guaranteeing that two people were legally available to marry each other, free of complications like being legally underage, [1] having too close a genetic relationship, [1] having other extant marriages, etc. [2] A marriage bond is legally distinct from a marriage license or a marriage ...
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The bond required to perfect an appeal is a cost bond, which is sometimes referred to as an appeal bond. The bond required to obtain a stay of execution of a judgment while the judgment is being appealed is a supersedeas bond, also referred to as an appeal bond." [9] In Texas, the amount of a supersedeas bond (referred to as "security for ...
If a bond issuer cannot pay its interest or repay the bond’s principal, then the issuer is in default. In this case the bond’s owner may have to take legal action to claim the money it is owed.
In Ireland, bail (Irish: bannaí, from Old Norse band, "binding") is when a person enters a written bond (recognisance), committing to appear before the court to answer the charges made against them. [30] A person may be required to lodge money as part of their bail. A surety is a person who makes themselves responsible for a prisoner coming to ...