surety bond

(redirected from Schedule Bonds)
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  • noun

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 ?
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
When individual or schedule bonds are written, the amount of the bond for each person must represent not less than 10% of the funds handled (see Q 547 for a definition of "handle") by the named individual or by the person in the named position.
Once this calculation is made, the required amount for which that person must be covered by a bond, either by himself or as a part of a group or class being bonded under a blanket or schedule bond, is not less than 10% of the amount handled or $1,000, whichever is the greater amount, except that a bond is not required in an amount greater than $500,000.
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.