A Discharge or Release of Libel (Ship) Court Bond is an Admiralty Court bond necessary to release a libeled ship and/or cargo so it may leave port on schedule; this bond guarantees payment of the judgment and costs if the case is lost by the defendant.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Discharge or Release of Libel (Ship) Court Bond holds you accountable for your decisions.
By possessing a Discharge or Release of Libel (Ship) Court Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your decisions.