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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
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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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Performance bond question This is not how things were supposed to wind up.
DOWNTOWN LEAVES PROJECT HIGH & DRY by The Register-Guard (Eugene, OR)
Franchise termination will mean that the Department for Transport is able to call in National Express' performance bond.
Taxpayers to foot bill for rail franchise by The Journal (Newcastle, England)
Through SBA's surety bond program, it guarantees bid, payment and performance bonds.
SBA surety bond amount doubles by Credit Union Times
 
 
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