Afsb 151 basics - Study guides, Class notes & Summaries

Surety bond - AAA written contract that expresses one party's promise to answer for another party's failure to do something as promised. Suretyship - AAThe obligation of one entity to answer for the debt, default, or miscarriage of performance of duties by another entity. Performance bond - AAA contract bond guaranteeing that a contractor's work will be completed according to plans and specifications. Payment bonds - AAA classification of bonds that guarantee payment for labor and ma...