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performance bond

   Also found in: Financial, Acronyms, 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
ThesaurusLegend:  Synonyms Related Words Antonyms
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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