Performance bond
A performance bond is a
surety bond issued by an
insurance company to guarantee satisfactory completion of a project by a
contractor. For example, a contractor may cause a performance bond to be issued in favor of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications laid out by the
contract (most often due to the
bankruptcy of the contractor), the client is guaranteed compensation for any monetary loss up to the amount of the performance bond.
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performance bond
Noun
1. a bond given to protect the recipient against loss in case the terms of a contract are not filled; a surety company assumes liability for nonperformance
(synonym) surety bond
(hypernym) bond, bond certificate
Performance bond
A
surety bond between two parties, insuring one party against loss if the terms of a
contract are not fulfilled.
Performance Bond
A bond contract wherein the third-party, in exchange for a fee, secures another's fulfillment of, or performance on, a contract. - (
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Performance Bond
Cash or securities deposited before a landfill operating permit is issued, which are held to ensure that all requirements for operating ad subsequently closing the landfill are faithful performed. The money is returned to the owner after proper closure of the landfill is completed. If contamination or other problems appear at any time during operation, or upon closure, and are not addressed, the owner must forfeit all or part of the bond which is then used to cover clean-up costs.
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