Performance Bond - Law Dictionary Search Results
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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 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....
Double or conditions bond
Double or conditions bond, the ordinary form of bond came to be one accompanied by a condition in the nature of a defeasance, the performance of the condition generally being secured by a penalty. This form of bond is called a double or conditional bond, and consists of two parts: First, the obligation, and secondly, the condition, Guyana and Trinidad Mutual Fire Insurance Co. Ltd. v. R.K. Plummer & Associates Ltd., (1992) 8 Const LJ 171 PC...
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...
Obligation
Obligation, an act which binds a person to some performance; also a bond containing a penalty, with a condition annexed for paying of money at a certain time, or for the performance of a covenant, etc.; also foreign government and other bonds and debentures.In Bhudeb Mookerjee v. Kalachand Malik, 34 Cal LJ 315: AIR 1921 Cal 129, that the word obligation in s. 54 of the Specific Relief Act may be taken to be a tie or bond which constrains a person to do or suffer something. It implies a right in another person to which it is correlated and it restricts the freedom of the obligee with respect to definite acts and forbearances but in order that it may be enforced by a court, it must be a legal obligation and not merely moral, social or religious, Hyderabad Stock Exchange Ltd. v. Rangnath Rathi and Co., AIR 1958 AP 43 (47). [Specific Relief Act, 1877, s. 54]Means 'a duty; the bond of legal necessity which binds together two or more determinate individuals. It is limited to legal duties ari...
Single bond
Single bond [simplex obligatio, Lat.], a bond merely for the payment of money, or for the performance of some particular act, without any condition in or annexed to it. See Re Dixon, (1900) 2 Ch 561....
Fealty
Fealty [fr. fidelitas, Lat.; feaulte, Fr.], the special oath of fidelity or mutual bond of obligation between a lord and his tenant; the general oath being the allegiance performed by every subject to his sovereign, but this is better known by its more significant appellation of the oath of allegiance. Although foreign jurists consider fealty and homage as convertible terms, because in some continental countries they are blended so as to form on engagement, yet they are not to be confounded in our country, for they do not imply the same thing, homage being the acknowledgment of tenure, and fealty, the vassal oath of fidelity, being the essential feudal bond, and the animating principle of a feud, without which it could not subsist. Fealty comprehends the following obligations, viz.: (1) Incolume, that the tenant do no bodily harm to his lord; (2) Tutum, that he do no secret damage to him in his house; (3) Honestum, that he damage not his reputation; (4) Utile, that he do no damage to h...
Penalty
Penalty, is a liability under the taxing statute, Khemka & Co. v. State of Maharashtra, AIR 1975 SC 1549.Penalty, is legal or official punishment such as a term of imprisonment, N.K. Jain v. C.K. Shah, AIR 1991 SC 1289. [Employees' Provident Fund Act, 1952, s. 14]Means recovery of an amount as a penal measure in civil proceedings, or an exaction which is not compensatory in character, Jagjit Cotton Textile Mills v. Chief Commercial Superintendent, N.R., (1998) 5 SCC 126.1. A sum agreed to be paid on non-performance of the condition of a bond. See BOND.2. A sum agreed to be paid on breach of an agreement or any stipulation of it. See LIQUIDATED DAMAGES, and NOMINE PEN'. The fact that the parties state expressly in their contract that the sum named is 'liquidated damages' will not prevent the Court from deciding that it is a penalty. 'The cases upon the subject of penalty or liquidated damages are very numerous. The result of them seems to be this, that what the Courts look at is the rea...
Recognisance
Recognisance, an acknowledgement of a debt owing to the Crown, with a condition to be void if the recognizor shall do some particular act, as if he, or the party for whom he is surety, shall appear at the assizes to prosecute a person, or to come up for judgment when called upon, or shall prosecute an appeal, or shall be of good behaviour, commonly called 'binding over.' As to the power of justices of their own initiative to bind over a person, though no formal charge has been made against him, see R. v. Wilkins, (1907) 2 KB 380. See also R. v. Sandbach, Ex p. Williams, (1935) 2 KB 192, and Summary Jurisdiction Act, 1879 (42 & 43 Vict. c. 49), s. 31,sub-s. 3, as amended by Summary Jurisdiction (Appeals) Act, 1933 (23 & 24 Geo. 5, c. 38), s. 1; and as to the mode of entering into recognizance, see Criminal Justice Administration Act, 1914, s. 24; see also ss. 19-23. For forms of recognizance, see the schedule to the Summary Jurisdiction rules, 1886; also rules 112-115 of the Crown Offic...
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