Q:
What is a "consent of surety"?
A:
Quick Answer
A "consent of surety" is defined by federal law as the consent a contracting party must receive from the surety on changes made to an initial contract, according to the Legal Information Institute at Cornell University Law School. In certain cases, obtaining a consent of surety is required by law.
Continue ReadingFull Answer
According to the Legal Information Institute, a consent of surety is needed in all cases when additional bond is obtained from someone other than the original surety. Even if a new bond is not taken out, any contract changes that expand the scope of a project or change the price require consent. The surety is the party that guarantees payment from the contracting party to the contractor, according to Investopedia.
Learn more about InvestingSources:
Related Questions
-
Q:
What are the common rules on child custody?
A: In most states, both parents have equal rights and joint custody of a child they had during marriage, according to the Legal Information Institute at Corne... Full Answer >Filed Under: -
Q:
What are some laws regarding power of attorney?
A: A power of attorney gives one party the authority to act on behalf of another as his agent and can make legal and life decisions on their behalf according ... Full Answer >Filed Under: -
Q:
What does an appellate procedure consist of?
A: An appellate procedure consists of the rules and practices that appellate courts use to examine trial court judgments, explains the Legal Information Insti... Full Answer >Filed Under: -
Q:
What are good sources for information on law and rights?
A: Two good sources for information about human rights and the law are HG.org and the Legal Information Institute of Cornell University. Both resources offer ... Full Answer >Filed Under:
You May Also Like
-
Q:
What information is needed to prepare a history of Exxon stock dividends?
-
Q:
What should you know about DWS investments?
-
Q:
What is a medallion stamp?
-
Q:
How long does it take a Series EE bond to mature?
-
Q:
Where can you find dividend payouts for BP stock?
-
Q:
Is the stock market doing better in Canada than in the United States?
