Surety Definition

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Wolverhampton County Council

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GLOSSARY

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What does Surety mean?

A person who agrees to be liable for a present or future obligations of another (the principal) to a third party in addition to the liability of the principal. A surety can be liable under either a guarantee or indemnity

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Flooding—issues in banking and finance

Flooding—issues in banking and finance Effects of flooding on underlying assets Flooding can give rise to a number of issues in the context of a banking or finance transaction. This Practice Note highlights the issues in relation to the following: • individual risks • planning policy • availability of insurance • borrower default It also explains the steps that a lender can take to mitigate the risks posed. Individual risks Flooding can cause significant damage to businesses, property and people. It can affect an individual’s decision whether to buy or rent a property. It can also have an effect on a property’s value. In ‘Deep Water Horizon’, 2018, the Royal Institution of Chartered Surveyors (RICS) discusses the increased frequency of flooding and how this can be addressed and managed through the surveying profession. The value of a house or commercial property may be adversely affected due to the risk of flooding. This is not only because of the damage that flooding can cause but also as a...

Construction Glossary—C

Construction Glossary—C A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Call-off The practice, under a framework agreement, of instructing specific works to be carried out. Depending on the structure and terms of the framework agreement, call-off may require a contract to be entered into or may just require a call off notice to be given by the instructing party. See Practice Note: Framework agreements in construction—call-off procedures. CAR insurance See Contractor's all risk (CAR) insurance below. Category A fit out Interior fit out to a basic level on behalf of landlord/developers. It is difficult to define what this includes as it can vary a lot. There are, however, some guidelines, for example those published by the British Council for Offices. Category B fit out Interior fit out to a specified design on behalf of occupiers/owners. CDM co-ordinator Under the Construction (Design and Management) Regulations 2007, SI 2007/320, which dealt...

Discover our 12 Practice Notes on Surety

Precedent bond agreement

Precedent bond agreement DATE [insert date] Parties 1 [insert name] of [insert address] [incorporated in England and Wales with company registration number [insert number]] (the ‘Surety’) 2 [insert name] of [insert address] (the ‘Council’) 1 Definitions 1980 Act • the Highways Act 1980 Bond • this bond agreement in the amount of the Bond Sum Bond Sum • the sum of [insert bond sum specified in the Highway Agreement or agreed with the Council] Default Notice • a written notice served by the Council on the Surety under clause 5.2 of this Bond certifying that the Developer has failed to carry out and/or complete the Works in accordance with the terms of the Highway Agreement, and specifying the sum of money that is, in the [ Proper Officer’s] opinion, required to carry out and complete the Works in accordance with the terms of the Highways Agreement and/or to remedy any defects or default of the Developer in the carrying out and completion of those works Developer •...

Supplemental legal mortgage for real property: single company mortgagor—bilateral—specific monies

Supplemental legal mortgage for real property: single company mortgagor—bilateral—specific monies This Deed is made on [date] Parties 1 [insert name of Chargor], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Chargor); and 2 [insert name of Lender] of [insert address] (the Lender). Recitals: (A) This Deed is supplemental to the Debenture (as defined below) pursuant to which the Chargor mortgaged and charged, among other things, all its then existing freehold and leasehold properties in favour of the Lender for the purpose of providing security to the Lender in respect of the Secured Obligations (as defined below). (B) The Chargor is entering into this Deed pursuant to clause [insert relevant clause number] (Further assurance) of the Debenture to grant a legal mortgage over the Mortgaged Property (as defined below) for the purpose of providing additional security to the Lender in respect of the Secured Obligations (as defined below). IT IS AGREED as follows: 1...

Dive into our 19 Precedents related to Surety

Appealing guarantees (Jones v City Electrical Factors Ltd)

Restructuring & Insolvency analysis: The High Court dismissed an appeal against a County Court judgment which found a guarantor personally liable for debts of approximately £190,000. In reaching this position, the court provides an updated position on the extent a ‘conditional payment obligation’ can constitute a ‘liquidated sum’, the extent such a debt applies to section 267 of the Insolvency Act 1986 (IA 1986), and how the courts should approach interpreting the terms of commercial contracts more broadly. This judgment, and its accompanying analysis, is highly relevant to directors, liquidators and legal practitioners concerning the construction of guarantees and the successful enforcement of personal guarantees. Written by Stephen Alexander and Benjamin Meggitt-Smith from Mourant Ozannes (Jersey) LLP.

Performance bonds may not cover all contract obligations

Law360: Construction contractors are experiencing unprecedented supply chain impacts and price escalation on materials, equipment and labour.

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