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Sureties
In finance, a surety , surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the ''obligee'') a certain amount if a second party (the ''principal'') fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation. The person or company providing the promise is also known as a "surety" or as a "guarantor". Overview A surety bond is defined as a contract among at least three parties: * the ''obligee'': the party who is the recipient of an obligation * the ''principal'': the primary party who will perform the contractual obligation * the ''surety'': who assures the obligee that the principal can perform the task European surety bonds can be issued by banks and surety companies. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Bond
A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. {{cite web , url=http://farsite.hill.af.mil/vffara.htm, title=Federal Acquisition Regulation Site, accessdate=August 15, 2010 They are often required in conjunction with performance bond A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith mon ...s. References Sureties ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surety Bond
In finance, a surety , surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the ''obligee'') a certain amount if a second party (the ''principal'') fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation. The person or company providing the promise is also known as a "surety" or as a "guarantor". Overview A surety bond is defined as a contract among at least three parties: * the ''obligee'': the party who is the recipient of an obligation * the ''principal'': the primary party who will perform the contractual obligation * the ''surety'': who assures the obligee that the principal can perform the task European surety bonds can be issued by banks and surety companies. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bail
Bail is a set of pre-trial restrictions that are imposed on a suspect to ensure that they will not hamper the judicial process. Bail is the conditional release of a defendant with the promise to appear in court when required. In some countries, especially the United States, bail usually implies a bail bond, a deposit of money or some form of property to the court by the suspect in return for the release from pre-trial detention. If the suspect does not return to court, the bail is forfeited and the suspect may possibly be brought up on charges of the crime of failure to appear. If the suspect returns to make all their required appearances, bail is returned after the trial is concluded. In other countries, such as the United Kingdom, bail is more likely to consist of a set of restrictions that the suspect will have to abide by for a set period of time. Under this usage, bail can be given both before and after charge. For minor crimes, a defendant may be summoned to court witho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Miller Act
The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers. The Act was originally enacted as the Heard Act in 1894. That act established a single performance and payment bond that "did afford some protection to... unpaid subcontractors and materialmen, but it was fraught with substantive and procedural limitations," and it was superseded by the Miller Act of 1935. Background and purpose The Miller Act addresses two concerns that would otherwise exist in the performance of federal government construction projects: #Performance Bonds: The contractor's abandonment or other nonperformance of a government job may cause critical delays and added expense in the government procurement process. The bonding process helps weed ou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Association
A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific Industry (economics), industry. An industry trade association participates in public relations activities such as advertising, education, publishing, lobbying, and political donations, but its focus is collaboration between companies. Associations may offer other services, such as producing conferences, holding networking or charitable events, or offering classes or educational materials. Many associations are non-profit organizations governed by bylaws and directed by officers who are also members. In countries with a social market economy, the role of trade associations is often taken by employers' organizations, which also take a role in social dialogue. Political influence One of the primary purposes of trade groups, particularly in the United States, is to attempt to influence p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warranty
In contract law, a warranty is a promise which is not a condition of the contract or an innominate term: (1) it is a term "not going to the root of the contract",Hogg M. (2011). ''Promises and Contract Law: Comparative Perspectives''p. 48 Cambridge University Press. and (2) which only entitles the innocent party to damages if it is breached: i.e. the warranty is not true or the defaulting party does not perform the contract in accordance with the terms of the warranty. A warranty is not a guarantee. It is a mere promise. It may be enforced if it is breached by an award for the legal remedy of damages. A warranty is a term of a contract. Depending on the terms of the contract, a product warranty may cover a product such that a manufacturer provides a warranty to a consumer with which the manufacturer has no direct contractual relationship. A warranty may be express or implied. An express warranty is expressly stated (typically, written); whether or not a term will be implied int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William & Mary Law Review
The William & Mary Law School, known historically as the Marshall-Wythe School of Law, is the professional graduate law school of the College of William & Mary. Located in Williamsburg, Virginia, the school is the oldest extant law school in the United States, having been founded in 1779 at the urging of alumnus Thomas Jefferson. It has an enrollment of 645 full-time students (in 2018–19) seeking a Juris Doctor (J.D.) or a Master of Laws (LL.M.) in the American Legal System, a two or three semester program for lawyers trained outside the United States. History William & Mary Law School was founded in 1779 at the impetus of Virginia Governor Thomas Jefferson, an alumnus of the university, during the reorganization of the originally royal institution, transforming the college of William and Mary into the first university in the United States. At Jefferson's urging, the governing board of visitors of William & Mary established a chair of law and appointed George Wythe, a signer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mechanic's Lien
A mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. In the realm of real property, it is called by various names, including, generically, construction lien. The term "lien" comes from a French root, with a meaning similar to link, which is itself ultimately descended from the Latin ''ligamen'', meaning "bond" and ''ligare'', meaning "to bind". Mechanic's liens on property in the United States date from the 18th century. History and reasons for existence Mechanic's liens in their modern form were first conceived by Thomas Jefferson, to encourage construction in the new capital city of Washington. They were established by the Maryland General Assembly, of which the city of Washington was then a part. However, it is not likely that Jefferson single-handedly dreamed up the idea. At the time Jefferson promoted the law, a l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subcontractor
A subcontractor is an individual or (in many cases) a business that signs a contract to perform part or all of the obligations of another's contract. Put simply the role of a subcontractor is to execute the job they are hired by the contractor for. It is oftentimes a specialized job such as electrical or HVAC and it is the subcontractor's responsibility to execute the work as instructed. A subcontractor (or sub-contractor) is a company or person whom a general contractor, prime contractor or main contractor hires to perform a specific task as part of an overall project and normally pays for services provided to the project. While subcontracting often occurs in building works and in civil engineering, the range of opportunities for subcontractor is much wider and it is possible that the greatest number of subcontractors now operate in the information technology and information sectors of the economy. One hires subcontractors either to reduce costs or to mitigate project risk ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Performance Bond
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin. History Performance bonds have been around since 2,750 BC. The Romans developed laws of surety around 150 AD, the principles of which still exist. Overview A job requiring a payment and performance bond will usually require a bid bond, to bid the job. When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job completion. For example, a contractor may cause a performance bond to be issued in favour of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications laid out by the contract (most often due to the bankruptcy of the co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bid Bond
A bid bond is issued as part of a supply bidding process by the contractor to the project owner, to provide guarantee, that the winning bidder will undertake the contract under the terms at which they bid. The cash deposit is subject to full or partial forfeiture if the winning contractor fails to either execute the contract or provide the required performance and/or payment bonds. The bid bond assures and guarantees that should the bidder be successful, the bidder will execute the contract and provide the required surety bond In finance, a surety , surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Usually, a surety bond or surety is a promise by a surety or guarantor to pay ...s. Details A bid bond of amount not above 10% of the contract order total amount is deposited when a contractor, also known as the “supplier" or "principal", is bidding on a tendered contract. The bid bon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
License And Permit Bonds
A license (or licence) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit). A license is granted by a party (licensor) to another party (licensee) as an element of an agreement between those parties. In the case of a license issued by a government, the license is obtained by applying for it. In the case of a private party, it is by a specific agreement, usually in writing (such as a lease or other contract). The simplest definition is "A license is a promise not to sue," because a license usually either permits the licensed party to engage in an activity which is illegal, and subject to prosecution, without the license (e.g. fishing, driving an automobile, or operating a broadcast radio or television station), or it permits the licensed party to do something that would violate the rights of the licensing party (e.g. make copies of a copyrighted work), which, without the license, the licensed party could be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
