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Bond - the concept defined

Butterworth's Encyclopaedia of Forms and Precedents defines a 'bond' as a deed whereby one person binds himself to another for the payment of a specified sum of money either immediately or at a fixed future date or whereby several people bind themselves jointly or jointly and severally to one or more persons to the same effect. Bond may be for payment of penalty or liquidated damages. An agreement to pay a pre-existing liability under a document or any law by instalment or otherwise is not a bond. More Info

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