bond claim

A bond claim is a legal process where a bond issuer, such as a government or corporation, seeks repayment or compensation from a surety company if they fail to meet financial obligations, like paying contractors or suppliers. Essentially, if the bond guarantees that the issuer will fulfill a contract or debt, and they don’t, the bond claim is a formal request for the surety to step in and cover the losses or complete the obligation. It protects parties involved by ensuring there's a financial safety net if the bond's conditions are not met.