Terms

Description
This aggregate identifies the type of Surety bond (i.e., performance, performance and payment or judicial, etc.) and other related elements specific to the applicable bond. In cases where multiple bond forms are included in a single bond, this aggregate may be repeated for each specific bond form.

Type : Aggregate
DataType : Terms_Type

Elements
BondAmtThe maximum monetary amount for which the surety may normally be held liable under the bond. (Sometimes also known as penalty amount).
BondPctThe maximum amount for which the surety may normally be held liable under the bond based on a percentage of the contract price.
EffectiveDtThis is an effective date, the explicit meaning of which is implied by its parent or its usage.
FormThe Form aggregate is used to inform the receiver as to the exact nature of a form that is to be (or has been) attached to the contract.
MaintenanceAmtAn amount representing the penalty limit associated with the maintenance portion of a performance bond.
PaymentAmtThe payment amount.
PremiumBillingThis aggregate contains all premium billing information for a particular transaction, i.e., premium monetary amounts, commissions, dates, etc. These are averages amounts when a graduated rate schedule is used.
RateTypeCdAn industry code identifying the type Surety rate used. This element uses the Surety Association of America (SAA) code list.
RatingThis aggregate contains all data elements necessary to properly apply company specific rates.
SAAMaintenanceClassCdAn industry code that identifies the nature of a maintenance obligation on a performance bond and is used in compiling statistics on surety premiums written and losses incurred. The source of this code is the Surety Association of America (SAA).
SpecialGuaranteesDescDescription of long term guarantees that are covered under the contract. For example, you may have a performance obligation but you need to identify that there is a twenty-five year skylight guarantee.
SuretyTermsTypeCdDefines the type of bond, maintenance or guarantee provision that the term applies to. This element uses the SuretyTermsType code list.

Attributes
idThis attribute is an identifier to a specific element.