surety bond

Meanings

1. A bond issued by one party, the surety, guaranteeing that he will perform certain acts promised by another or pay a stipulated sum, up to the bond limit, in lieu of performance, should the principle fail to perform.
2. In a criminal case, the surety (or bail) bond assures the appearance of the defendant or the repayment of bail forfeited upon the defendant's failure to appear in court.