performance bond

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performance bond

[pər′fȯr·məns ‚bänd]
(engineering)
A bond that guarantees performance of a contract.

performance bond

A bond of the contractor in which a surety guarantees to the owner that the work will be performed in accordance with the contract documents; frequently combined with the labor and material payment bond; except where prohibited by statute.
References in periodicals archive ?
Unlike an insurance policy that can be cancelled by either party, a contract bond cannot be cancelled," Baran says.
The schemes provide guarantees of at least 50% for other contract bonds.
The contract bonds were the real sticking point in the merger talks with Aggregate Industries, Mr Shaw said.
A longtime pioneer in the surety industry, F&D's Surety Division serves the construction industry with contract bonds and the commercial surety market with license, permit, miscellaneous and judicial bonds.
Providing the contract bonds for construction of the Hoover Dam in 1931 and the Golden Gate Bridge in 1937;
s $400,000,000 correctional facilities service contract bonds, series B, are rated 'A' by Fitch IBCA.
NEW YORK -- Fitch Ratings assigns an 'A+' rating to the New York State Thruway Authority's $521,685,000 local highway and bridge service contract bonds, series 2009, scheduled to be sold the week of Sept.
At the same time, Standard & Poor's affirmed its triple-'B'-plus rating on the corporation's outstanding service contract bonds, also issued for the state.
NEW YORK -- Fitch Ratings assigns an 'A+' rating to the New Jersey Health Care Facilities Financing Authority approximately $150 million state contract bonds (hospital asset transformation program) series 2009A.
UDC has previously issued two similar service contract bonds for other programs and the state has used the device for other agencies.
Fitch also affirms the rating on outstanding State of New York (the state) service contract bonds.
24 million commuter facility service contract bonds series Q dated