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performance bond
(redirected from Contract Bond)

    Also found in: Financial, Encyclopedia, Wikipedia 0.01 sec.
performance bond
n
(Economics, Accounting & Finance / Banking & Finance) 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
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Noun1.performance bond - 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
surety bond
bond certificate, bond - a certificate of debt (usually interest-bearing or discounted) that is issued by a government or corporation in order to raise money; the issuer is required to pay a fixed sum annually until maturity and then a fixed sum to repay the principal
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So, basically, a contract bond can be used as extra assurance that a contract will be performed.
What Are the Uniform Rules for Contract Bonds? by Richard Einerhann / Law community
Among the above mentioned surety programs South Coast Surety brought on line are; a number of "alternative bad credit" bonding plans, in house underwriting for commercial and contract bonds and an Instant Issue California Contractor License Bond application.
South Coast Surety Announces Record Month by PR.com (Press Releases)
Contract Bonds Performance Bonds are designed to ensure that a contractual agreement will be performed within the terms and specifications outlined.
Surety Bonds by Yellowhammer Insurance / Insurance community
 
 
 
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