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English definition of “surety bond”

surety bond

noun [C]    
LAW a legal agreement 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 surety bond, but they must have at least $3 million in liability insurance.
(Definition of surety bond noun from the Cambridge Business English Dictionary © Cambridge University Press)
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