performance bond definition

  • noun:
    • A contractor's relationship, guaranteeing your contractor will do the agreement and providing that, in the event of standard, the surety may complete the contract or pay problems as much as the relationship limit.
    • a relationship fond of protect the recipient against reduction in the event the regards to a contract aren't filled; a surety business assumes liability for nonperformance

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  • Definition for "performance bond"
    • A contractor's relationship, guaranteeing your contractor will do…
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