Surety Bonds Flashcards
I want that guarantees all labor and materials for a project will be paid by the contractor upon completion of the work is called::
Payment bond
A bond that guarantees the better, if successful, will enter into contract and will satisfy future bonding requirements of that specific job is called:
Bid bond
A bond that guarantees to oblige he indemnification for any losses resulting from the principles failure to complete the job according to the terms of the contract is called
Performance bond
Three parties to a surety bond are:
Surety , obligee, principal
Which type of bond guarantees performance and utmost good faith of a person appointed by the court such as a guardian, administrator, or executor
Fiduciary
Which type of bond is required by public bodies to protect the public, guarantees compliance with law, guarantees collection of taxes?
License
A bond that guarantees correction of faulty work or replacement of defective materials for a specific time, usually one year is called a:
Maintenance bond
Which type of bonds are furnished by plaintiffs and defendants to protect opposing parties from loss if one fails to show legal entitlement to the remedy sought
Court
Type of bond guarantees that the principal will uphold and oath of office and faithfully perform duties of office?
Public official
What type of bond is required of investment companies to protect the public from misrepresentation and fraud by securities dealers?
Blue sky
A bond used to protect against dishonesty of employees is called:
Fidelity
What type of bond guarantees that duties will be collected, reported and paid?
Customs
What type of bond for tax issue or from any loss due to lost document for the issuer has made a replacement?
Lost instrument
Some bonds have an additional party. The name of this party
indemnitor
