2007-01-02 06:56:13 · 5 answers · asked by Margaret A I 2 in Education & Reference ➔ Words & Wordplay
Surety has several meanings:
1. The condition of being sure, especially of oneself; self-assurance.
2. Something beyond doubt; a certainty.
3. A pledge or formal promise made to secure against loss, damage, or default; a security.
4. One who has contracted to be responsible for another, especially one who assumes responsibilities or debts in the event of default.
2007-01-02 06:58:47 · answer #1 · answered by kja63 7 · 0⤊ 0⤋
Surety is also a term used in insurance along with bonds. A company, such as a building contractor, will often need to be "bonded". They buy a surety bond from an insurance company that will cover damages and unfinished work.
For example, Joe the Builder was hired by the City to build a road. Joe bought a surety bond from the I Insurance Company in order to even be considered for the job. Joe starts building the road but then his small business runs out of money. Joe doesn't finish the road. The City files a claim with the I Insurance Company and the work is completed by someone else with the money from the Insurance Company.
2007-01-02 15:10:19 · answer #2 · answered by Rebecca N 1 · 0⤊ 0⤋
A person who takes responsiblity for another's performance of an undertaking, for example an appearance in court or payment of debt.
Money given to support an undertaking that someone will perform a duty, a guarantee (like bail)
The state of being sure or cetain of something.
2007-01-02 15:00:59 · answer #3 · answered by Bored Enough To Be Here 6 · 0⤊ 0⤋
In layman's terms: It's your promise whether by monetary or strictly verbal terms, to be responsible for someone or something else, and their actions.
This is a term usually found on 3rd party contracts, like a bail bond or cosigner to a loan.
2007-01-02 15:08:05 · answer #4 · answered by Goyo 6 · 0⤊ 0⤋
Probably a typo and they meant surely.
2007-01-02 14:57:44 · answer #5 · answered by E 3 · 0⤊ 2⤋