Solicitors & Lawyers
Legal Dictionary
Term: bond
1.
A bond is a promise or an obligation in writing to pay money or perform some act if an event is not fulfilled within a specified time or failure to satisfy a condition subsequent.
Usage: The bond required the bank to pay 10% of the development costs to the principal under the bond in the event that the project was not completed on schedule.
Related Words: surety; guarantor; debenture; insurer; undertaking.
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