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 ?
Another fourth scheduler, Attaur Rehman Dhanyal, a resident of Pirwadhai, has also not submitted surety bond to the police.
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This is the most significant difference between surety bonds and insurance coverage.
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However, Funa pointed out that the execution of a surety bond may involve assets of surety companies, and to require them to settle fake bonds 'is prejudicial to its financial condition.'
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In recent years, industry veterans have noted that there does not seem to be the same understanding of the ins and outs of the surety claim process.
The outstanding results of the surety industry over the last 10 years are beginning to make some buyers question the value of surety bonds.
The fortunes of the surety sector are, naturally, directly linked to those of the construction industry.