Contract Suretyship
/ˈkɒntrækt ˈsjʊərtiʃɪp/
Definitions
- (n.) A legal agreement whereby a surety guarantees the performance or obligations of a principal under a contract, providing financial assurance to the obligee.
The contractor obtained contract suretyship to guarantee project completion for the client.
Forms
- contract suretyship
Related terms
See also
Commentary
Contract suretyship specifically involves surety obligations tied to contractual duties and differs from general suretyship in scope and application.
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.