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Surety/Surety-Ship Bond/Guarantee [Last Updated by: admin on 2012-01-01]
A surety bond is a guarantee, usually issued by an insurance or surety company, that a particular company will perform according to a contract. In order to collect payment under such a bond, the beneficiary normally must prove actual default on the part of the counterparty, as by furnishing a court judgement, arbitral award or official certificate. Suretyship bonds may be issued subject to the ICC Uniform Rules for Contract Bonds.

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