Surety


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Surety

An individual or corporation that guarantees the performance or actions of another.

Surety

A sum of money or the guarantee by a third party that a loan or credit extension will be paid. This reduces the risk the lender will lose the money he/she has distributed in the loan. For example, a third party may sign an agreement with the lender with the condition that if the borrower fails to repay the loan, the third party will assume legal liability for it. Often, persons with poor credit cannot receive a loan without surety. See also: Guarantee, Lien.

surety

One who guarantees the performance of another.Contrast with a simple guarantee,which is an agreement to pay money if another does not pay money due.A surety,on the other hand,may have to pay money or undertake the responsibility to complete a project.

References in periodicals archive ?
Liberty Mutual Surety is a business unit of Liberty Mutual Insurance.
The company offers a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
According to police sources, surety bond from a religious/political leader residing in Westridge has not been obtained by the police so far.
"Recent Medicare changes now require dentists who act as Durable Medical Equipment providers for Medicare-approved appliances (sleep apnea oral appliances, etc.) to secure a $50,000 surety bond.
Insurance differs from a surety bond in that it offers protection against loss directly to the business owner.
If a Crown or justice of the peace determines that an accused is a candidate for release but still has concerns that the accused may not follow through with the conditions of bail, they may require a surety. Sureties are typically "ordinary people in the community" who have a strong moral character, some form of monetary/physical assets (e.g., an owned home, a vehicle, savings, etc.), demonstrated rapport with the accused, and good supervisory skills (Myers 2009:128).
Under Mike's leadership, Chubb's surety business in the UK & Ireland has performed strongly since he joined in 2015.
He managed a staff of more than 50 across a six state region comprised of surety, management liability and property casualty businesses.
'Fake bonds should not become a source of any obligation and surety companies should not be held liable for payment as solidary obligor,' he said.
A Delhi court granted bail to him on Tuesday, dismissing the NIA's claims that he was involved in stone-pelting and subversive activities in occupied Kashmir and granted him bail on two surety bonds of Rs 50,000 each.
To win the contract, Diversified Construction had to submit several surety bonds.
The accountability court had issued a show-cause notice to Dar's surety giver, seeking an explanation to why surety worth Rs5 million may not be forfeited.