- surety contract
- A contract of suretyship. See suretyship.
Ballentine's law dictionary. Anderson, W.S.. 1998.
surety contract
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contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… … Law dictionary
surety — sure·ty / shu̇r ə tē/ n pl ties [Anglo French seurté, literally, guarantee, security, from Old French, from Latin securitat securitas, from securus secure] 1: a formal engagement (as a pledge) given for the fulfillment of an undertaking 2: one… … Law dictionary
Surety bond — A surety bond is a contract among at least three parties: * The principal the primary party who will be performing a contractual obligation * The obligee the party who is the recipient of the obligation, and * The surety who ensures that the… … Wikipedia
surety — One who at the request of another, and for the purpose of securing to him a benefit, becomes responsible for the performance by the latter of some act in favor of a third person, or hypothecates property as security therefor. One who undertakes… … Black's law dictionary
contract — contractee, n. contractible, adj. contractibility, contractibleness, n. contractibly, adv. n., adj., and usu. for v. 16 18, 22, 23 /kon trakt/; otherwise v. /keuhn trakt /, n. 1. an agreement between two or more parties for the doing or not doing … Universalium
Surety — A surety is a person who agrees to be responsible for the debt or obligation of another. Furthermore, a surety is also a security against loss or damage or for the fulfillment of an obligation, the payment of a debt, etc.; a pledge, guaranty, or… … Wikipedia
Surety — The guarantee of the debts of one party by another. A surety is the organization or person that assumes the responsibility of paying the debt in case the debtor policy defaults or is unable to make the payments. The party that guarantees the debt … Investment dictionary
surety bond — noun a bond given to protect the recipient against loss in case the terms of a contract are not filled; a surety company assumes liability for nonperformance • Syn: ↑performance bond • Hypernyms: ↑bond, ↑bond certificate * * * noun : a written… … Useful english dictionary
surety — Generally the same as guarantor; however, in some states there are important distinctions. American Banker Glossary An individual or corporation that guarantees the performance or actions of another. Bloomberg Financial Dictionary * * * surety… … Financial and business terms
surety company contract — A contract wherein the surety is a compensated surety, that is, a surety company. 50 Am J1st Suret § 313 … Ballentine's law dictionary
