Term of Art: Bond

bond: Binding agreement, used as a means of compulsion as well as security; for example, to enforce a commercial contract or to ensure good behavior. Bonds generally have two sections: the bond proper and the condition which, if ignored, cause a sum of money, specified in the bond proper, to be paid as forfeit.”

Excerpted from: Cook, Chris. Dictionary of Historical Terms. New York: Gramercy, 1998.

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