Penal bond
A penal bond is a written instrument executed between an obligor and an obligee designed to secure the performance of a legal obligation through the in terrorem effect of the threat of a penalty for nonperformance.
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Penal bond
A penal bond is a written instrument executed between an obligor and an obligee designed to secure the performance of a legal obligation through the in terrorem effect of the threat of a penalty for nonperformance.
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A penal bond is a written inst ...... a penalty for nonperformance.
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A penal bond is a written inst ...... a penalty for nonperformance.
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Penal bond
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