20:03
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Simple English definitions for legal terms
subsurety
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A quick definition of subsurety:
Term: SUBSURETY
Definition: A subsurety is someone who agrees to pay back money or take responsibility for something if the original person who promised to do so cannot fulfill their obligation. It's like a backup plan for when things don't go as planned.
A more thorough explanation:
Definition: Subsurety is a person or company that provides a guarantee to pay back a debt if the primary surety is unable to do so.
For example, if a contractor needs to be bonded for a construction project, they may need to provide a surety bond. The surety company may require a subsurety to also provide a guarantee in case the contractor defaults on the bond.
Another example is in the case of a lease agreement. The landlord may require a surety bond from the tenant, and the surety company may require a subsurety to provide an additional guarantee.
These examples illustrate how a subsurety acts as a backup to the primary surety, providing an additional layer of protection for the party requiring the guarantee.