A surety bond or surety is a promise to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.
Read more about Surety Bond: Overview, History, Contract Surety Bonds, Commercial Surety Bonds, Fidelity Bonds
Famous quotes containing the words surety and/or bond:
“You are our surety to immortal life,
God’s hatred of the universal stain—
The heritage, O Fear, of ancient strife
Compounded with the tissue of the vein.”
—Allen Tate (1899–1979)
“The ideal of men and women sharing equally in parenting and working is a vision still. What would it be like if women and men were less different from each other, if our worlds were not so foreign? A male friend who shares daily parenting told me that he knows at his very core what his wife’s loving for their daughter feels like, and that this knowing creates a stronger bond between them.”
—Anonymous Mother. Ourselves and Our Children, by Boston Women’s Health Book Collective, ch. 6 (1978)