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California Legal Forms--Transaction Guide
Copyright 2016, Matthew Bender & Company, Inc., a member of the LexisNexis Group.
27-79 California Legal Forms--Transaction Guide 79.syn
Suretyship, Guaranty, and Indemnity
Matthew Bender Editorial Staff
The legal background section begins with an overview of obtaining protection and assurance that a financial or business transaction will be carried out and that no loss or liability will result. It then describes sureties and guarantors; surety insurance; the creation and interpretation of a suretyship; rights and liabilities of sureties; a continuing guaranty; exoneration of sureties; an obligee's rights against security given to a surety; and a guarantor's waiver of rights and defenses. The section then discusses indemnity, which is a contract by which the indemnitor agrees to save the indemnitee harmless from the legal consequences of the conduct of one of the parties or of a third person, and related indemnity topics, including: indemnity insurance, the indemnification of parties and their acts, interpretation of an indemnity agreement, and indemnity in connection with construction, hauling, trucking, and cartage contracts. In addition, the section describes the relationship between indemnity and suretyship, and examines the distinctions between them with respect to the agreements and parties involved. Finally, the chapter briefly explains third-party indemnity agreements and the Attorney General's approval of bonds required by state agencies.
The legal background also provides thorough coverage of the Bond and Undertaking Law (Law), which standardized the procedural rules governing bonds and undertakings given pursuant to any California statute. The section discusses the use of bonds and undertakings; the contents, execution, approval, effect, and duration of bonds; the qualifications of personal sureties on bonds; admitted surety insurers; the principal's deposit of items in lieu of bonds (except for deposits with the Secretary of State); insufficient and excessive bonds; new, additional, and supplemental bonds; cancellation of bonds or withdrawal of sureties; liabilities of principals and sureties; and liabilities on bonds for the benefit of the State of California.
The transaction guide lists the facts and documents needed with respect to all bonds, as well as facts needed with respect to bonds and undertakings governed by the Law, public official bonds, lost security or instrument bonds, and construction contract bonds. It also contains the preliminary determinations to be made regarding the use of suretyship, guaranty, or indemnity. A procedural guide assists with steps to take under the Law.
The forms section contains various types of bonds, including a license or permit bond, probate bond, notary public bond, general purpose surety bond form, bond of a seller, miscellaneous indemnity bond, public official bonds, lost securities bond, lost note bond, and construction contract bonds. It also provides guaranty agreements and indemnity agreements, including third-party, two-party, and two-party or third-party indemnity agreements.
California Legal Forms: Transaction Guide (Matthew Bender) provides step-by-step guidance through all non-litigation business and personal transactions that are likely to arise in day-to-day practice, offering guidance through the drafting and filing of all the requisite forms. Topics include business organizations, real estate transactions, commercial transactions, wills and trust, contracts and obligations, performance of services, and personal transactions (including marital dissolution agreements). Each chapter includes four parts: a Research Guide, Legal Background, Transaction Guide, and Forms.
Suretyship,Guaranty,Indemnity,Surety,Insurer,Bond,Undertaking,Guarantor,Debt,Default,Hypothecate,Security,Indemnitor,Indemnitee,Construction,Hauling,Trucking,Cartage,Third-Party Indemnity Agreement,Attorney General Approval,Bond and Undertaking Law,Personal Surety,Admitted Surety Insurer,Principal,Deposit in Lieu of Bond,Insufficient Bond,Excessive Bond,Cancellation of Bond,Withdrawal of Surety
OTHER RELATED CHAPTERS: (View)
For a form for a performance bond to secure a subdivider's performance, see Ch. 30, Subdivision Regulation.
For a discussion of the performance bond required to be used in connection with a state or federal project, see Ch. 90A, State Government Contracts; and Ch. 90B, Federal Government Contracts, respectively.
For a discussion of construction financing, see Ch. 30A, Basic Construction Financing. For detailed discussion of construction contracts, see Ch. 30D, Construction Contracts and Subcontracts; and Ch 31, Mechanics' Liens.
For a discussion of general contract requirements that may apply to indemnity agreements, see Ch. 75, Formation of Contracts and Standard Contractual Provisions.
OTHER RELATED PUBLICATIONS:
For further discussion of suretyship, guaranty, and indemnity in general and in particular contexts, as well as the Bond and Undertaking Law, see:
- California Forms of Pleading and Practice-Annotated, Ch. 300, Indemnity and Contribution; and Ch. 538, Suretyship, Bonds, and Undertakings (Matthew Bender).
- California Points & Authorities, Ch. 115, Indemnity and Contribution; and Ch. 222, Suretyship (Matthew Bender).
- Warren's Forms of Agreements, Ch. 22, Construction Contracts; Ch. 32, Guaranty Agreements; Ch. 83, Guaranty Agreements; and Ch. 100, Indemnification (Matthew Bender).
- Corbin on Contracts, Ch. 15, Statute of Frauds--Debts of Another--Suretyship and Guaranty; Ch. 16, Debts of Another--Leading Object Rule--Indemnity Contracts; Ch. 38, Aleatory Contracts--No Agreed Exchange of Performances; and Ch. 45, Beneficiaries of Specific Types of Contracts (Matthew Bender).
- California Real Estate Law and Practice, Ch. 112, Guaranty and Suretyship; Ch. 422, Insurance and Bonding Practice; and Ch. 453, Payment Bonds (Matthew Bender).