Public-works bond
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 234 U.S. 448 - Equitable Surety Co. v. United States ex rel. McMillan · 1914Most cited · 45 citing opinions
The obligation has a dual aspect, it being given, in the first place, to secure to the government the faithful performance of all obligations which a contractor may assume towards it; and, in the second place, to protect third persons from whom the contractor may obtain materials or labor; and that these two agreements are as distinct as if contained in separate instruments.