Penal Bond

Penal Bond is a deposit or guaranty submitted to make certain a contractor are going to pay a certain penalty if she or he fails to perform a contract as particular. A penal bond is really a written instrument carried out between an obligor and also an obligee built to secure the performance of your legal obligation over the in terrorem effect with the threat of some sort of penalty for nonperformance. Here also briefly explain “Competition Between the Common Law and Chancery Courts”.