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
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