noun
A legal document that guarantees payment to the court if the terms of the bond are not met.
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The ship owner was required to post an admiralty bond before being allowed to dock in the port.
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I heard the company had to put up some kind of admiralty bond to secure their ship.
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Yo, did you see that dude trying to get out of paying his admiralty bond? Not cool.
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In a way, the insurance policy acted as an admiralty bond for the company's financial stability.