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LSDefine

Simple English definitions for legal terms

Surety bond

Read a random definition: de pace et legalitate tenenda

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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General chat about the legal profession.
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9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
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