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.]

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词条贡献者

译者Stephen，毕业于亚洲顶尖的高级翻译学院，擅长翻译各种与国际环境保护法规相关的法律文件。