An individual or a company that, at the request of another usually called the principal, agrees to be responsible for the performance of some act in favor of a third person in the event that the principal fails to perform as agreed
(1) A term loosely used to describe the business or suretyship or bonds Suretyship is an arrangement whereby one party becomes answerable to a third party for the acts of neglect of a second party; (2) The party in a surety arrangement who holds himself responsible to one person for the acts of another
{i} certainty, assurance; something that is certain; guarantor; pledge, guarantee; guarantor, one who gives a guaranty or security, warrantor, person who provides a guarantee to another
(1) A person who agrees to be responsible for a debt or obligation of another (2) The pledge or agreement by which one undertakes responsibility for the debt or obligation of another
A surety is money or something valuable which you give to someone to show that you will do what you have promised. The insurance company will take warehouse stocks or treasury bonds as surety
The person who promises to pay money in the event the principal (i e , the person conditioned to perform) fails in the performance of certain duties or acts EXAMPLE: A is arrested and his bond is $10,000 B signs the bond, guaranteeing A's appearance in court If A fails to appear, then B, as surety, must forfeit $10,000 (B has recourse to seek recovery from A)
Person or entity that has been requested by another (principal) and agrees to be responsible for the performance of some act if the principal fails to perform as promised
A person who takes out a bond for a certain amount of money before a court on behalf of another person The court makes this person responsible for making sure that an accused person appears in court, and abides by other conditions of behaviour imposed by the court If the accused person doesn't comply, all or part of the bond is forfeit
a person who knows you and agrees to take responsibility for ensuring you come to court for trial and abide by any conditions imposed The surety may be required to promise to pay a specified amount of money if the conditions are not met or you do not show up for trial In this situation they must show financial documentation that they have the specified amount of money
A person who enters into a bond for a certain amount of money on behalf of another person The person is responsible for the accused person appearing in court and abiding by court imposed behaviour conditions If the accused person does not comply, the surety forfeits all or part of the bond
An individual or corporation, usually an insurance company, that guarantees the performance or faith of another This term is also used to mean surety bond, which is a bond that backs the performance of the person bonded, such as a contractor, or pays an employer if a bonded employee commits theft
An arrangement whereby one party becomes answerable to a third party for the acts of a second party Customarily an insurance company, the party in a suretyship arrangement who holds himself responsible to one person for the acts of another
one who becomes responsible for another Christ is the surety of the better covenant (Heb 7: 22) In him we have the assurance that all its provisions will be fully and faithfully carried out Solomon warns against incautiously becoming security for another (Prov 6: 1-5; 11: 15; 17: 18; 20: 16)
One who at the request of another, and for the purpose of securing to him/her a benefit, voluntarily binds himself/herself to be obligated for the debt or obligation of another Although the term includes guarantor and the terms are commonly, though mistakenly, used interchangeably, surety differs from guarantor in a variety of respects
The corporation or individual guaranteeing performance under a bond; one who promises to answer for the debt default or miscarriage of another Examples of surety bonds are construction or license and permit bonds See also Bond
One who is bound with and for another who is primarily liable, and who is called the principal; one who engages to answer for another's appearance in court, or for his payment of a debt, or for performance of some act; a bondsman; a bail
One who voluntarily binds himself to be obligated for the debt or obligation of another A common example is the co-maker of a note Surety differs from guarantor, although the terms are commonly (and mistakenly) used interchangeably
- (1) A person who agrees to be responsible for a debt or obligation of another (2) The pledge or agreement by which one undertakes responsibility for the debt or obligation of another