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Simple English definitions for legal terms

statutory bond

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A quick definition of statutory bond:

Statutory bond: A type of bond that is required by law. It can serve different purposes, such as ensuring that a contractor will complete a project or that a public official will perform their duties honestly. Statutory bonds are often used in the construction industry and in government contracts.

A more thorough explanation:

A statutory bond is a type of bond that is required by law. It is a legal agreement between three parties: the principal (the person or company that needs the bond), the obligee (the person or company that requires the bond), and the surety (the company that provides the bond).

There are two types of statutory bonds:

  1. License and permit bonds: These bonds are required by government agencies to ensure that businesses and individuals comply with laws and regulations. For example, a contractor may need a license bond to ensure that they will follow building codes and regulations.
  2. Court bonds: These bonds are required by courts to ensure that individuals comply with legal decisions. For example, a person who is appointed as a guardian may need a court bond to ensure that they will act in the best interest of the person they are appointed to protect.

Examples of statutory bonds include:

  • A contractor's license bond
  • A notary public bond
  • A guardian bond
  • A probate bond

These examples illustrate how statutory bonds are used to ensure that individuals and businesses comply with laws and regulations, and to protect the interests of others. For example, a contractor's license bond ensures that the contractor will follow building codes and regulations, which protects the safety of the public. A guardian bond ensures that the guardian will act in the best interest of the person they are appointed to protect, which protects the vulnerable person from harm.

statutory | statutory burglary

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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