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 bond between a man and his profession is similar to that which ties him to his country; it is just as complex, often ambivalent, and in general it is understood completely only when it is broken: by exile or emigration in the case of one’s country, by retirement in the case of a trade or profession.”
—Primo Levi (1919–1987)