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performance bond

Origin of performance bond
1935-40 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2015.
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Examples from the web for performance bond
  • In order for a performance bond to be effective, the contract must be specific about the work to be done.
  • General requirements for performance bond and liability insurance.
  • The performance bond shall remain in effect for a period of the work guaranty.
  • If a performance bond is required, it must be enforced separately from any appearance or bail bond.
  • The amount of the performance bond must not be less than two hundred fifty million dollars.
  • Procedures, criteria and schedule for release of performance bond.
British Dictionary definitions for performance bond

performance bond

a bond given by a bank to a third party guaranteeing that if a specified customer fails to fulfil all the terms of a specified contract, the bank will be responsible for any loss sustained by the third party
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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