What is the definition of Penal bond? | Dictionary.net

PENAL BOND

\pˈiːnə͡l bˈɒnd], \pˈiːnə‍l bˈɒnd], \p_ˈiː_n_əl b_ˈɒ_n_d]\

Definitions of PENAL BOND

1910 - Black's Law Dictionary (2nd edition)

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A deposit made by the contractor in the form of a penalty which ensures that he/ she will fulfill the contract as per the terms of the contract, or be liable to a penalty.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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