indemnity bond Meaning in the Cambridge English Dictionary
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Meaning of “indemnity bond” in the English Dictionary

"indemnity bond" in Business English

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indemnity bondnoun [C]

uk   us   INSURANCE
a ​legalagreement in which a ​financialorganization promises to make a ​payment to an ​organization that has ​lentmoney if they do not get the ​loan back: Lenders ​reduce their ​risk by using ​indemnitybonds for ​mortgages over 70-80 % of the ​value of the ​property.
(Definition of indemnity bond from the Cambridge Business English Dictionary © Cambridge University Press)
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