What is the meaning of surety bond?

surety bond is an agreement by an insurance or bonding company to be responsible for certain possible defaults, debts or obligations contracted for by an insured party; in essence, a policy insuring one's personal and/or financial integrity. In the real estate business a surety bond is generally used to ensure that a particular project will be completed at a certain date or that a contract will be performed as stated.

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APABarry Goldsmith. (2010). surety bond. Retrieved September 26, 2026, from http://smartdefine.org/surety_bond/definitions/1164615
ChicagoBarry Goldsmith. 2010. "surety bond" http://smartdefine.org/surety_bond/definitions/1164615 (accessed September 26, 2026).
HarvardBarry Goldsmith 2010, surety bond, Smart Define, viewed 26 September, 2026, <http://smartdefine.org/surety_bond/definitions/1164615>.
MLABarry Goldsmith. "surety bond" 21 October 2010. Web. 26 September 2026. <http://smartdefine.org/surety_bond/definitions/1164615>
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