A bond is a form of obligation.
Every enforcible bond must be in writing and under seal.
The maker of a bond by the act acknowledges a liability in the form of a debt or a duty.
The maker of a bond is the "obligor."
The party to whom it is made is the "obligee."
The bond names the liability or indebtedness; then follows the condition wherein it is stated the particular thing that the obligor is to do, or not to do.
The penalty for the non-compliance with a bond is twice the amount of the money involved.
It is often required that the bond shall be further guaranteed by one or more sureties. These sureties may be required to certify that they are worth a certain sum, free and clear of all indebtedness.
Persons holding positions of financial trust, whether public or private, may be, and most of them are, required to furnish bonds for the faithful performance of their duties.
In the larger cities there are casualty and liability companies, which, for a fixed or annual consideration, act as sponsors on official and other forms of bond.