Bid Bond - Law Dictionary Search Results
Home Dictionary Name: bid bondBid bond
Bid bond, means a surety bond often required of contractor's biddings on construction work to ensure that the successful bidder will accept the job and will also provide a performance bond, Webster's Dictionary of Law, Indian Edn. (2005), p. 85....
bid bond
bid bond see bond ...
bond
bond 1 a : a usually formal written agreement by which a person undertakes to perform a certain act (as appear in court or fulfill the obligations of a contract) or abstain from performing an act (as committing a crime) with the condition that failure to perform or abstain will obligate the person or often a surety to pay a sum of money or will result in the forfeiture of money put up by the person or surety ;also : the money put up NOTE: The purpose of a bond is to provide an incentive for the fulfillment of an obligation. It also provides reassurance that the obligation will be fulfilled and that compensation is available if it is not fulfilled. In most cases a surety is involved, and the bond makes the surety responsible for the consequences of the obligated person's behavior. Some bonds, such as fidelity bonds, function as insurance agreements, in which the surety promises to pay for financial loss caused by the bad behavior of an obligated person or by some contingency over w...
bid
bid bid bid·ding vt : to offer (a price) for payment or acceptance vi : to make a bid : state what one will pay or take in payment [a contractor bidding for a job] bid·der n n 1 : the act of one who bids 2 a : a statement of what one will pay for something b : a statement of what one (as a contractor) will charge for something (as supplies or labor) 3 : an opportunity to bid ...
Opening biddings
Opening biddings. Before 1867, where estates were sold, under the decree of a Court of Equity, the Court considered itself to have a greater power over the contract than if the contract were made between party and party; and as the aim of the Court was to obtain as great a price as possible for the estate, it would open the biddings after the estate was sold, and put up the estate for sale again.But the Sale of (English) Land by Auction Act, 1867, has, by s. 7, abolished this inconvenient practice (under which biddings were opened even more than once), with an exception for cases of fraud or improper management of a sale, in which upon the application of any person interested in the land, 'the Court may either open the biddings, holding such bidder bound by his bidding, or discharge him from being the purchaser, and order the land to be resold', see Delves v. Delves, (1875) LR 20 Eq 77....
Bid
Bid, means to offer (a price) for payment or acceptance; to make a bid: state what one will pay or take in payment (a contractor bidding for a job), Webster's Dictionary of Law, Indian Edn. (2005), p. 40....
Competitive bidding
Competitive bidding, anything done in or about the place where a sale of goods by way of competitive bidding is held, if done in connection with the sale, must be taken to be done during the course of it, whether it is done at the time when any articles are being sold or offered for sale by way of competitive bidding or before or after any such time, Mock Auctions Act, 1961, s. 3(5) (UK), Halsbury's Laws of England, Vol. 2, para 943, p. 459....
Bail
Bail [fr. bailler, Fr., to hand over], to set at liberty a person arrested or imprisoned, on security being taken for his appearance on a day and at a place certain, which security is called bail, because the party arrested or imprisoned is delivered into the hands of those who bind themselves or become bail for his due appearance when required, in order that he may be safely protected from prison, to which they have, if they fear his escape, etc., the legal power to deliver him.Means a security such as cash or a bond, especially security required by court for the release of a prisoner who must appear at a further time, Black Law Dictionary, 7th Edn., p. 135.Bail, a temporary release of a prisoner in exchange for security given for the prisoner's appearance at a later hearing, Webster's Dictionary of Law, Indian Edn., (2005), p. 41.Bail may be given either in civil or criminal cases.In civil cases there were, before the abolition of arrest on mesne process by the Debtors Act, 1869:-(1)...
Bond
Bond [fr. binda, band, bunden, A. S., to bind], a written acknowledgement or binding of a debt under seal. See DEED. No technical form of words is necessary to constitute a bond; see Gerrard v. Clowes, (1892) 2 QB 11; Strickland v. Williams, (1899) 1 QB 382. The person giving the bond is called the obligor, and he to whom it is given the obligee. A bond is called single (simplex obligatio) when it is without a penalty, but there is generally a condition added, that, if the obligor does or forbears from some act, the obligation shall be void, or else shall remain in full force, and the bond is then called a double or conditional one; see Dav. Prec. Vol. V., pt. Ii., p. 268. When a bond contains a penalty, which is generally double the amount of the principal sum secured, only the sum actually owing, with interest, can be recovered, and in no case can this exceed the amount appearing on the face of the bond. See 8 & 9 Wm. 3, c. 11, s. 8; Re Dixon, (1900) 2 Ch 561.Although it is unnecessa...
Bidding of the Beade
Bidding of the Beade, a charge or warning given by the parish priest to his parishioners at some special time, to come to prayers upon any festival or saint's day, according to the canons of the church; also asking the banns is called bidding, Rubric....
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