surety bond

(redirected from Schedule Bond)
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Synonyms for surety bond

a bond given to protect the recipient against loss in case the terms of a contract are not filled

References in periodicals archive ?
Basic types of bonds in general usage are: (1) individual bonds, covering a named individual in a stated penalty; (2) name schedule bonds, covering a number of named individuals in the respective amounts set opposite their names; (3) position schedule bonds, covering each of the occupants of positions listed in the schedule in the respective amounts set opposite such positions; and (4) blanket bonds, covering all of the insured's officers and employees with no schedule or list of those covered being necessary and with all new officers and employees becoming bonded automatically, in a blanket penalty that takes two forms, an aggregate penalty bond and a multiple penalty bond.
may be accomplished either by including them under individual or schedule bonds or other forms of bonds meeting the requirements of [ERISA], or naming them in what is known under general trade usage as an 'Agents Rider' attached to a Blanket Bond."3
This is available in three formats: individual bonds, schedule bonds and blanket bonds.
Under the Federal Acquisition Regulations of 1983, federal contracting officers may accept personal sureties in place of corporate ones for all types of bonds except position schedule bonds. However, this regulation put a heavy and dangerous burden on the officer to assess the financial ability of the individuals (proposing to act as surety) as well as the willingness and capability to perform if the principal defaults on the contract.