performance bond


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Related to performance bond: Bid bond

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.
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The new law has taken into consideration the "financial burden caused by the performance bond, which relatively increases the project's cost," he added.
New Dubai law amends Performance Bond requirements of contractors
A Contractor has two layers of defence against an arbitrary call by an Employer on a Performance Bond, as follows:
PERFORMANCE BONDS IN QATAR: CONTRACTS STRIKE BACK
The town is pursuing all legal avenues to recover its loss, particularly on its performance bond that was not honored.
Firetruck deal turns to ashes; Builder is bonder; businesses go under
In accepting the transfer, Universal assumed responsibility for reclaiming the property and was required to post a reclamation performance bond of $1.
Iron mine's buildings must be demolished in reclamation
For example, it would be advisable for the obligees under the bond to notify the surety in writing of the fact that the contract that will be covered by the performance bond requires the contractor to perform some engineering services in connection with the work.
NY Supreme Court upholds design-build contract
In How to Update Performance Bond Agreements in 2010, the analyst examines important changes that construction lawyers need to know about drafting and negotiating performance bond agreements, as well as new best practices relating to default, defenses and discharge.
Research and Markets: How to Update Performance Bond Agreements in 2010 - What Construction Lawyers Need to Know About Default, Defenses & Discharge
A performance bond is a guarantee that the winning bidder will comply with its contract obligations.
Bacolod mayor dismissed
The provision of a performance bond guarantee will offer confidence to operators and contractors in the process of controlling supply chain costs and project timetables.
Fund provides catalyst fund provides catalyst for businesses to grow; North East manufacturers can now secure unique financial support which should help them land larger contracts and grow more quickly. PETER McCUSKER reports
In the highway industry, one of the primary considerations in prequalifying a contractor is F determining whether a performance bond I can be secured.
Performance-Based Contractor Prequalification as an Alternative to Performance Bonds (TechBrief) Publication Number: FHWA-HRT-14-035
The contractor had also furnished the owner with a surety's performance bond.
Material breaches can lead to project abandonment
The Ombudsman said the officials also violated the procurement law and rules by retaining the P500,000 bidder's bond of Comfac and treating it as a performance bond.
Bacolod City Mayor Leonardia ordered dismissed
Bidder shall simultaneously with the delivery of the executed contract, submit an executed performance bond in the amount of one hundred percent (100%) of the acceptable bid as security for the faithful performance of this contract.
Buildings Demolition At South 11th Street

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