A written and signed promise to pay a certain sum of money on a certain date, or on fulfillment of a specified condition. All documented contracts and loan agreements are bonds. BONDS
Undertakes to guarantee that the winning or successful bidder shall, within the prescribed period (but not necessarily 30 calendar days from receipt of the Notice of Award), enter into a contract with the government agency concerned and file the required performance bond.
It guarantees the construction and completion of a project in accordance with the approved plans, specifications, and terms and conditions of the contract. It may also guarantee the principal’s obligations under a supply or delivery and/or installation contract with respect to equipment, materials, supplies, and similar items.
A. Surety Bond for Advance Payment
Undertakes to guarantee the recoupment or repayment of the advance payment granted the contractor through deductions from progress billings submitted by the contractor for his periodic accomplishments.
B. Surety (Guaranty) Bond for Contractor’s Warranty ( Against Defects in Materials and Workmanship)
It guarantees the correction and repair or hidden defects in the materials and workmanship used by the contractor in the project found or becoming evident within one year from the date of final acceptance of the project.
A court appointed guardian of a minor or incapacitated person is required to give a bond which assures that he shall have the care and custody of the person of his ward and/or management of his estate.
A. Bond to Levy Attachment (Attachment Bond)
A provisional remedy by which the property of the adverse party in a case is taken into a custody of the law, or attached, as security for the satisfaction of any judgment which the plaintiff or any party may obtain.
B. Heir's Bond
Guarantees any claim by any heir or person who has been deprived of his lawful participation in the estate.
Any creditor who has a claim against the estate which has not been paid.
C. Preliminary Injunction Bond The bond
shall answer for all damages which the party enjoined by the order of injunction may sustain by reason of the issuance thereof if the court finally decides that the plaintiff was not entitled thereto.
D. Replevin Bond
Replevin is an action whereby the owner or person is entitled to repossession of goods or chattels from one who has wrongfully distrained or taken or who wrongfully detains such goods or chattels
It shall indemnify the person from whose custody the property was taken for such damages as he may sustain.
E. Supersedeas Bond
The bond shall for the damages suffered by the appellant by reason of the advance execution of the judgment of the lower court. It guarantees the performance of the judgment or order appealed from in case it be affirmed wholly or in part.
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