Word Explorer
Performance bond
A contractor's bond, guaranteeing that the contractor will perform the contract and providing that, in the event of default, the surety may complete the contract or pay damages up to the bond limit.
📖 Definitions of "Performance bond"
noun
- 1
A contractor's bond, guaranteeing that the contractor will perform the contract and providing that, in the event of default, the surety may complete the contract or pay damages up to the bond limit.
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