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Individual surety bonds represent the original form of suretyship. The earliest known record of a contract of suretyship is a Mesopotamian tablet written around 2750 BC. Evidence of individual surety bonds exists in the Code of Hammurabi and in Babylon, Persia, Assyria, Rome, Carthage, among the ancient Hebrews, and (later) in England.
A freight broker bond must be obtained by freight brokers and freight forwarders in the United States in order to obtain or renew their license. In the United States, freight broker surety bonds are required by the Federal Motor Carrier Safety Administration (FMCSA) to move property such as household goods or freight and motor cargo ( vehicles ).
A supersedeas bond (often shortened to supersedeas), also known as a defendant's appeal bond, is a type of surety bond that a court requires from an appellant who wants to delay payment of a judgment until an appeal is over. [1] [2] This is a feature of common law, and in particular the American legal system.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money , intended to secure a futures contract , commonly known as margin .
This page was last edited on 4 January 2020, at 13:43 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may ...
The bond penalty is subject to full or partial forfeiture if the winning contractor fails to either execute the contract or provide the required performance and/or payment bonds. The bid bond assures and guarantees that, should the bidder be successful, the bidder will execute the contract and provide the required surety bonds .
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