Bond Agreement
/ˈbɒnd əˌɡriˈmɛnt/
Definitions
- (n.) A written contract in which a party binds itself to pay a sum of money on the occurrence of a specified event or condition, often as security for performance of an obligation.
The contractor provided a bond agreement to guarantee project completion.
- (n.) A formal document outlining the terms under which a surety guarantees an obligation on behalf of another party.
The bond agreement specified the surety's liability in case of default.
Forms
- bond agreement
- bond agreements
Related terms
See also
Commentary
Bond agreements often require precise language to clearly define the obligations secured and the parties' liabilities.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.