indemnitor

Definition

An individual or company who agrees to assume the obligation normally placed on a surety if the person a bond was issued on defaults. This is usually done because the applicant does not qualify as an acceptable risk by the surety's standards.

Use indemnitor in a sentence

  • When reviewing the contract, ABC Express reviewed the vendors insurance to ensure that they had a valid indemnitor in the case of a contract violation.

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  • His company would act as the indemnitor and I was glad because I knew they could be trusted and would work well with us.

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  • When Peter signed as in indemnitor for his son's business loan, he had no idea that the stock market crash would mean his son's business would no longer be viable and he would be on the hook for the full value of the loan.

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