cash bond

Definitions (2)

1. General: An arrangement wherein a party gives to another an amount of money to secure the fulfillment of an obligation. In cases where the party fails to comply with the obligation, the money is forfeited in favor of the latter.
2. Law: A transaction wherein a defendant deposits an amount of money to the court to secure his temporary release from jail. Defendants failing to appear before the court during their trial forfeit the cash bond. See also bail.

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You need to make sure that you ask for a cash bond before you start doing to much work for someone you do not know.

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George asked Mary to fill out a cash bond in the amount of $50,000 so he did not have to sit in jail while awaiting trial.

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Once their project was completed they decided to pay off some of the cash bonds they had taken out to held fund the investment.

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