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Construction of the Pentagon, 1942.. The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) [1] requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers.
Original file (1,275 × 1,650 pixels, file size: 259 KB, MIME type: application/pdf, 12 pages) This is a file from the Wikimedia Commons . Information from its description page there is shown below.
In a secured transaction, the Grantor (typically a borrower but possibly a guarantor or surety) assigns, grants and pledges to the grantee (typically the lender) a security interest in personal property which is referred to as the collateral. Examples of typical collateral are shares of stock, livestock, and vehicles.
The Sûreté nationale, or Sûreté, began as the criminal investigative bureau of the Préfecture de police de Paris (Paris Police Prefecture) and did not function as the national command and control organization until much later, by which time it no longer had any detectives on its staff.
Independent proof of the surety's liability under his guarantee must always be given at the trial. The creditor cannot rely on admissions made by or a judgment or award against the principal debtor. [66] [67] [68] A person liable as a surety for another under a guarantee possesses rights against the person to whom the guarantee was given.
In finance, a surety / ˈ ʃ ʊər ɪ t i /, surety bond, or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee ) a certain amount if a second party (the principal ...
In the late 1970s, ACORD began developing electronic standards to complement its form standards. ACORD subsequently expanded both its forms and electronic data standards beyond property and casualty insurance to encompass life and annuity, surety, and reinsurance markets. [3]
Western Surety Company is an insurance company based in Sioux Falls, South Dakota. It was founded in 1900 by attorney Joe Kirby [1] who periodically needed court bonds in connection with his law practice. [2] Headquartered in Sioux Falls, the company was run for decades by four generations of Kirbys.
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