surety bond (Meaning)
Wordnet
surety bond (n)
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
Synonyms & Antonyms of surety bond
No Synonyms and anytonyms found
surety bond Sentence Examples
- The contractor provided a surety bond as a guarantee to fulfill the terms of the contract.
- Banks often require surety bonds for loans to reduce risk.
- Insurance companies issue surety bonds to provide financial protection in case of default.
- The surety bond covered the costs of any damage or financial losses caused by the contractor's actions.
- The beneficiaries of the surety bond were the project owners who would receive compensation if the contractor failed to perform.
- The amount of the surety bond was determined based on the risk assessment of the project.
- The surety bond provided the project owners with additional peace of mind and confidence in the contractor's abilities.
- Surety bonds are an essential tool for ensuring accountability and financial responsibility in various industries.
- In the event of a breach of contract, the surety company would step in to pay the claims covered by the surety bond.
- Proper underwriting practices are crucial for surety companies to maintain the financial strength necessary to fulfill surety bond obligations.
FAQs About the word surety bond
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
No synonyms found.
No antonyms found.
The contractor provided a surety bond as a guarantee to fulfill the terms of the contract.
Banks often require surety bonds for loans to reduce risk.
Insurance companies issue surety bonds to provide financial protection in case of default.
The surety bond covered the costs of any damage or financial losses caused by the contractor's actions.
