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Meaning of performance bond

Source language: EnglishDictionary language: English

performance bond

noun

Definitions

  1. A contractor's bond, guaranteeing that the contractor will perform the contract and providing that, in the event of default, the surety may complete the contract or pay damages up to the bond limit.

Sources:https://en.wiktionary.org/wiki/performance%20bond

Related words

surety bondbondbearer bondsuretybail bondbondsmancounterbondbondmanship