Bond

{
  "id": "MLC-T-INS-000589",
  "term": "Bond",
  "field": "Insurance and risk management",
  "definition": "A three-party agreement in which a surety guarantees to an obligee that a principal will fulfill a contractual obligation or perform a specific duty. If the principal fails to perform, the surety is obligated to compensate the obligee for the resulting loss, up to the bond amount. Common types include surety bonds for construction projects and fidelity bonds protecting against employee dishonesty.",
  "url": "https://mlchart.com/terminology/insurance/bond/"
}