fidelity bond – a bond in the form of an insurance contract which indemnifies an employer or business for loss due to embezzlement, larceny, or gross negligence by an employee or other person holding a position of trust.

indemnity bond – a bond to reimburse the holder for any actual or claimed loss caused by the issuer’s or some other person’s conduct.

penal bond – a bond conditioned upon the performance of duties of office, or other obligations undertaken by the principal obligor in the bond or collateral things to be done by him.

surety bond – a bond that secures the performance of an obligation.

• performance bond – a contractor’s bond which guarantees that the contractor will perform the contract, and usually provides that if the contractor defaults and fails to complete the contract, the surety can itself complete the contract or pay damages up to the limit of the bond.
• bail bond – a bond given to a court by a criminal defendant’s surety to guarantee that the defendant will duly appear in court in the future and, if the defendant is jailed, to obtain the defendant’s release from confinement.

Examples of Indemnity and Penal Bonds:

appeal bond – a bond that an appellate court may require from an appellant in a civil case to ensure payment of the costs of appeal, as a condition to bringing an appeal or staying execution of the judgment appealed from.  Fed. R. App. P. 7.

attachment bond – a bond a defendant gives to recover attached property; the plaintiff then looks to the bond issuer to satisfy a judgment against the defendant.

bid bond – a type of performance bond filed in public construction projects in order to indemnify the public against the consequences of a bidder’s failure to follow through on the bid.

completion bonds

peace bonds

References:

Disclaimer: All material throughout this website is compiled in accordance with Fair Use.

[1]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine (James Arthur 1871-1949).  Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning.  ISBN 0-8273-4874-6.

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