surety


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Surety

An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act.

surety

n. a guarantor of payment or performance if another fails to pay or perform, such as a bonding company which posts a bond for a guardian, an administrator, or a building contractor. Most surety agreements require that a person looking to the surety (asking for payment) must first attempt to collect or obtain performance from the responsible person or entity. (See: guarantor, bond)

surety

(Certainty), noun absolute confidence, affirmance, affirmation, aplomb, ascertainment, assurance, assuredness, averment, avowal, avowance, certain knowledge, certification, certitude, commlete conviction, confirmation, contract, conviction, declaration, definiteness, determination, earnest averrent, earnest avowal, earnest declaration, firmness, guaranty, hardihood, persuasion, positiveness, reassurance, reliance on, self-assurance, self-conviction, solemn averment, solemn avowal, solemn declaration, unequivocalness, unmistakableness, vow, warrant

surety

(Guarantor), noun attester, backer, certifier, confirmer, consignee, endorser, financer, indemnitor, promisor, ratifier, signatory, signer, sponsor, supporter, underwriter, voucher, warrantor
Associated concepts: surety bond, surety company, surety insurance, surety of the peace
Foreign phrases: In veram quantitatem fidejussor teneatur, nisi pro certa quantitate accessit.A surety should be held for the true quantity, unless he agreed for a certain quantity. Natura fide jussionis sit strictissimi juris et non durat vel extendatur de re ad rem, de persona ad perronam, de tempore ad tempus. The nature of a suretyship is one of strictest law and cannot endure or be extended from one thing to another, from one person to another, or from one time to another.
See also: accommodation, assurance, backing, bail, bond, certainty, certitude, confidence, coverage, credence, deposit, faith, guaranty, insurance, insurer, pledge, recognizance, safeguard, security, sponsor, warrant

surety

a guarantor of another's obligation.

SURETY, contracts. A person who binds himself for the payment of a sum of money or for the performance of something else, for another, who is already bound for the same. A surety differs from a guarantor, and the latter cannot be sued until after a suit against the principal. 10 Watts, 258.
     2. The surety differs from bail in this, that the latter actually has, or is by law presumed to have, the custody of his principal, while the former has no control over him. The bail may surrender his principal in discharge of his obligation; the surety cannot be discharged by such surrender.
     3. In Pennsylvania it has been decided that the creditor is bound to sue the principal when requested by the surety, and the debt is due; and that when proper notice is given by the surety that unless the principal be sued, be will consider himself discharged, he will be so considered, unless the principal be sued. 8 Serg. & Rawle, 116; 15 Serg. & Rawle, 29, 30; S. P. in Alabama, 9 Porter, R. 409. But in general a creditor may resort to the surety for the payment of his debt in the first place, without applying to the principal. 1 Watts, 28O; 7 Ham. part 1, 223. Vide Bouv. Inst. Index, h.t.; Contribution; Contracts; Suretyship.

References in periodicals archive ?
Essentially, a surety bond is a promise or contract to pay one party (the obligee or project owner) a certain amount if another party (the principal) fails to meet some obligation, such as satisfying the terms of a contract.
In addition to flexibility and keeping lines of credit available, surety bonds create opportunity for more affordable securitization.
Past Services include president of the New York City Surety and Fidelity Association, and serving on the Board of the Surety Information Office.
Commercial surety includes such bonds as court judicial, court fiduciary, public official, license and permit, and many bonds that include guarantees of financial performance.
South Coast Surety is a proven direct source for all surety bonds and has earned from many of its highly rated and admitted surety company partners the trust to underwrite and approve most submitted business with the largest in-house underwriting authority in the nation.
Surety Services said becoming part of GIG will provide clients and staff with additional resources and new options to offer.
Even though the surety market may be soft, however, it doesn't mean surety bonds no longer provide value.
There are generally two kinds of surety bonds: contract and commercial.
Pesce has a background encompassing contract surety, commercial surety and international surety.
A contract surety bond acts as the extension of a form of a credit on behalf of the bonded contractor, also referred to as the bond principal.
Kelley, Chief Executive Officer of Ironshore, said, "Entering the surety market has long been a strategic goal of Ironshore and this will allow us to meet a broader range of customer needs.
Most privately funded projects do not require bonding because many private owners do not want to pay the minimal cost of Surety protection.