Bond Condition
/ˈbɑnd kənˈdɪʃən/
Definitions
- (n.) A stipulation or obligation set forth in a bond that the party bound must fulfill to avoid forfeiture or penalty.
The contractor failed to meet the bond condition requiring completion of the project by the deadline.
Forms
- bond condition
- bond conditions
Related terms
See also
Commentary
Bond conditions are critical in surety agreements and must be clearly drafted to specify the obligations and consequences of breach.
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.