Security Bond by a Surety

Security Bond By A Surety Format

 

A security bond is a promise by a surety which states that the person giving the guarantee(surety) is responsible for the acts and obligations of the person in respect of whose default the guarantee is given (principal debtor). In the event of default by the principal debtor , surety will be made liable to the creditor.

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Download Security Bond By A Surety Format

How to Use

Through this bond the ‘Surety’ acknowledges himself to be bound to the ‘Creditor’ for the sum lent and advanced by the ‘Creditor’ to the ‘Debtor’.

How to Create

Bond should clearly specify the terms and conditions on which the guarantee is provided, also the amount upto which the surety is made liable to be specified . This document is to be signed by the surety and witnessed .