A bond which is furnished by the executor or administrator of an estate. It guarantees that the estate will be settled in accordance with the terms of the will, or, if there is no will, in accordance with the law. It guarantees the fidelity of the executor or administrator.Bond, Arrest : Type of a business Insurance. A written promise signed by Insurance Company to pay the an amount fixed by the Court should the defendant being released on bail fail to appear in court for the designated criminal proceeding at the date and time specified.Bond, Bid : Contractors wishing to tender for large contracts are required to securities called tender or bid money. This sum is liable to be forfeited in case the contractor is unable to accept the contract awarded to him on the basis of his tender. Bid-bond guarantees that the contractor will enter into the contract if it is awarded to that the contractor will enter into the contract if it is awarded to him, and furnish such contract bond as is required by the terms of the bond.Bond, Blanket Bond/Fidelity Bond : A fidelity bond that offers a uniform amount of coverage on all employees for losses to an employer by dishonest acts of his employee or employees.Bond, Completion : A guarantee of performance in the form of a fidelity or guarantee Company bond upon payment of a premium. This is also a type of bond issued to a mortgagee. It guarantees that the construction for which the mortgagor has borrowed money will be completed and will be able to serve as collateral for the mortgage upon completion.Bond, Construction : This bond protects the owner of a building or other structure under construction in case the contractor cannot complete the job. If he defaults, the insurer is obligated o see that the work is completed.Bond, Customs Continuous Bond : Is an annual customs bond insuring compliance with all regulations and requirements.Bond, Contract : A guarantee of the faithful performance of a construction contract and the payment of all material and labour bills incidental thereto. A bond covering faithful performance only is known as a Performance Bond, and one covering payment of labour and materials only is a Payment Bond. Refer “Guarantee, Payment Bond.”Bond, Court : These bonds are issued to the Courts by Insurers guaranteeing proper and honest discharge of duties by the officers appointed by the courts for specified purpose/s. The amount of the bond is stipulated by the court. These bonds include administration bonds, liquidator’s bonds and receivership bonds.Court of Protection Bond : A bond given to the Court of Protection in respect of a person responsible for the affairs of a mentally incapacitated person.Bond, Custom House : Bonds required by Custom Authorities in connection with the payment of duties or the production of bills of lading.Bond, Customs : The customs bonds are executed in favor of the controller of Imports and Exports guaranteeing proper an honest discharge of duties and responsibilities by the person guaranteed.Bond, Deferred Payments : Bonds issued to the lender of money guaranteeing return of money by the loanee at some future date.Bond, Deposit : Guaranteeing payment of bonds to depositors in accordance with the terms of a deposit in a bank.Bond, Earnest Money : Refer: “Bid-bond.”Bond, Excise : A contract of fidelity guarantee guarantees that if the employer suffers any direct financial loss arising out of dishonesty, default, embezzlement, forgery, fraud, larceny on the part of the employee(s) insured, the Insurers shall indemnify the said loss to the employer within the limitations prescribed by the Policy.Bond, Fiduciary : Fiduciary bonds provide indemnity if trustees, receivers, executors and administrators controlling property through court order do not faithfully and honestly perform their duties. Similar to Court Bonds.Bond, Financial Guarantee : A guarantee that others will pay sums of money due. A Sales Tax Bond, for instance guarantees the state that the merchant will pay his sales taxes on time and in full.Bond, Forgery : Protection against the forgery or alteration of instruments such as cheques, drafts and promissory notes purported to have been written by the insured.Bond, Growth Bond : A form of guarantee bond providing capital growth on maturity.Bond, Guarantees Appearance of Individual Answering a Court Summon . The bonding Company or individual pays the amount of the bond to the court if the summoned individual does not appear when required.Bond, Hire Purchase Guarantee : The cover is in respect of articles sold by financing institutions on hire-purchase basis and the Insurance is against default by hires. The Insurer undertakes to indemnity the insured against a certain percentage of such net pecuniary loss as the insured may sustain by reason of the hirer and his guarantor failing to pay a part or whole of the amount due by the hirer to the insured under a hire-purchase agreement. Net pecuniary loss is to be regarded as the difference between the value of the article as mentioned in the relative hire-purchase agreement and the aggregate of any deposit and installments paid by the hirer and/or by the guarantor and the net sale proceeds of the article.Bond, Income Bond : A form of guarantee bond offering guaranteed income plus lump-sum benefits.Bond, Justice of the Peace : Bond issued to judicial officers of inferior rank who hold courts not to record and are limited in civil and criminal jurisdiction. The bond covers the faithful performance of the ministerial functions and not his judicial function.Bond, License : Required by law as conditions to be fulfilled to obtain a license for a particular business or a permit to exercise some specific privilege.Bond, Maintenance : A Bond guaranteeing against defects in workmanship or materials for a stated time after the acceptance of the completed work. Two years is a common term for a construction bond.Bond, Payment Bond : A guarantee of the faithful performance of a construction contract and the payment of all material and labour bills incidental thereto. A bond covering payment of labour and materials only is a Payment Bond and a bond covering faithful performance only is known as a Performance Bond. Refer “Guarantee, Performance Bond.”Bond, Performance Guarantee : While awarding important contracts, the employer often takes precautionary measures to protect his interest against the possible failure of the contractor to perform the work in question. Usually the contractor is asked to deposit in cash or approved securities a certain amount based on the contract value called security deposit which is liable to be forfeited at the discretion of the employer in the event fo the contractor failing to complete the work in accordance with the terms of the contract. The performance bonds issued by the Insurers are accepted by the employers in lieu of the security deposit. The Insurer guarantees to pay a stated amount in case the contractor fails to complete the contract as per terms of the contract.Bond, Permit : A type of bond guaranteeing that the person to whom a permit is or is to be issued will comply with the law ordinance regulating the privilege for which the permit is issued.Bond, Position : A type of bond covering all person occupying stated positions.Bond, Public Official : A surety bond under which the company (surety) guarantees that the principal (public official) will faithfully perform his official duties and will account for all funds entrusted to his care.Bond, Retention Bonds : Refer “Bid Bonds.”Bond, Surety : A non-Insurance transfer under which a surety guarantees that principal will carry out some expressed obligation to an obligee. If the principal fails to do so, the surety compensates the obligee in some way and then tries to recover its loss from the principal.Bond, Title Guarantee : Under the Policy an agreement binds the Insurer to indemnify the insured for such losses as specifically delineated by reason of defects in the title real estate providing there are no exceptions listed on guarantee.Bonded Price : In the case of gods which are customarily sold in bond, the bonded price is deemed to be the “gross value.” The bonded value is the value before duty is paid, of goods which are placed in warehouse under customs control. If damage goods are sold in bond, then for the purpose of ascertaining depreciation, the damaged value (bonded price) must be compared with the sound value (also bonded price) as prevailing on the date of sale.

A bond that guarantees the principal’s honesty.

The financial assumption of responsibility by one or more persons for fulfilling another’s obligations.

A company approved by the Regulator for the issue of bonds such as those necessary to effect the release a ship from arrest. (U.S.).