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Simple English definitions for legal terms

Surety bond

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A quick definition of Surety bond:

A surety bond is like a security deposit that someone pays to guarantee they will do what they promised. It's like a renter paying a deposit to a landlord. If the person who made the promise doesn't do what they said they would, the other person can get compensated from the bond. Surety bonds are often used for important things like taking care of someone else's money or making big purchases from other countries.

A more thorough explanation:

A surety bond is a type of security deposit that a party posts to guarantee their performance when they owe legal duties to others. It is like a promise that the party will do something, and if they fail to do so, the obligee (the person they owe obligations to) is compensated out of the bond.

For example, when someone becomes a guardian, they may be required to post a surety bond before taking responsibility for their wards. This bond ensures that the guardian will fulfill their duties and protect the interests of their wards. Similarly, a company making a large purchase from a foreign supplier might require the supplier to post a surety bond to ensure that the supplier will deliver the goods as promised.

Surety bonds are most commonly used in fiduciary relationships and international, large, or complex transactions. They provide a way to protect the interests of the parties involved and ensure that everyone fulfills their obligations.

Surety | surplusage

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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