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

"surety bond" in Business English

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surety bondnoun [C]

uk   us  
LAW a ​legalagreement in which someone promises to ​pay a ​person or ​organization a ​sum of ​money if another ​person does not do something they had promised to do: Contractors are not ​required to post a suretybond, but they must have at least $3 million in ​liabilityinsurance.
(Definition of surety bond from the Cambridge Business English Dictionary © Cambridge University Press)
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