performance bond

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Related to Contract Bonds: performance bond

performance bond

n
(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
ThesaurusAntonymsRelated WordsSynonymsLegend:
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
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
References in periodicals archive ?
Contract notice: Procurement of contract bonds and marketing material.
As with all contract bonds, Landscape Contract Bonds are usually underwritten with a full submission of a questionnaire, financial statements, etc.
Although no one can predict such things with certainty, contract bonds issued to the contractor by a corporate surety help to ease the mind of the building owner.
Contract bonds, commonly called construction bonds, include bid, performance, and payment bonds.
We've provided PS14 billion of support to UK companies in the last five years, with guarantees to banks providing exporters with contract bonds and export working capital facilities, and insurance against non-payment.
The UKEF scheme is focused on UK SMEs, to help them in winning game changing contracts overseas involving contract bonds.
This is, in part, due to lenders requiring the protection of contract bonds on private projects they are financing.
36 billion) in crucial contract bonds -needed to win new business -and expected to reach a deal with its banks within days.
The French Government is also proposing to back contract bonds, saying that private banks would not support more short-term plans.
There will be no budget appropriation, not contract bonds.
Wellington Guarantee also offers surety contract bonds for bids and consent, performance and payments, maintenance, supplies, liens and advance payments.

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