Cost Bond Law and Legal Definition
Cost bond is a promise to pay litigation expenses. It is provided by a party to an action as a guarantee of payment of any costs awarded against him or her. It guarantees the payment of the costs of litigation, such as court fees, payment to the clerk, sheriff subject to the terms and condition of the bond. A cost bond may also be required of an appealing party in a civil case, in order to cover the appellee's expenses if the judgment is affirmed. For example, in Alaska, an appellant can file a notice of appeal in the appellate clerk's office to cover the appellee's costs of defending the appeal. The clerk's office will refund the money if the appellant wins. If the appellant loses, the appellee will have their costs covered from the cost bond. One may request to waive cost bond if it is unaffordable by filing a special form called request for waiver of filing fee or cost bond.
