penal bond

A bond requiring the obligor to pay a specified sum as a penalty if the underlying obligation is not performed.

— Also termed penal bill; common-defeasance bond. [Cases: Bonds 1, 50. C.J.S. Bonds §§ 2–4, 7, 32, 34, 39.]

---

词条贡献者

资深译员Gianluca，毕业于亚洲顶尖的高级翻译学院，专注翻译各种与清洁与可再生能源有关的法律文件。