performance bond

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Related to performance bonds: Contract Bonds, Bid Bonds
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  • noun

Synonyms for performance bond

a bond given to protect the recipient against loss in case the terms of a contract are not filled

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References in periodicals archive ?
A performance bond is a bond issued by a bank or other financial institution to guarantee the fulfilment of a particular contract.
The provisions of a payment bond are usually included in the performance bond. If a payment bond is written separately from a performance bond, there is no charge for the payment bond.
After a detailed review of case studies and surveys of contractors, State DOTs, and sureties, researchers found that the rate of default on performance bonds for the industry is less than 1 percent.
In this case CCEL, the main contractor, had agreed to provide a performance bond and sub-contractor warranties in favour of Liberty.
08 of 2014 to include 10% Performance Bond exemption for contracts with a total value not exceeding $136,132
A performance bond effectively provides a financial guarantee to a contractor that a supplier will delivery on time and to standard.
Notwithstanding the recent spate of case law on this issue, the treatment of Performance Bonds in Qatar remains largely uncertain.
Australian group JML Engineered Facades said it has secured a performance bond from Export Finance and Insurance Corporation (EFIC) for participation in the QR33.5 million ($9.2 million) contract at New Doha International Airport.
Below are some common myths and realities associated with payment and performance bonds:
ASHBY - The town appears to have lost almost $350,000 after the company it paid to build a new firetruck went out of business, along with the company that issued a performance bond for the purchase.
In alleged reliance on the financial statements, a surety bonding company issued payment and performance bonds to the client.
HAVING to find PS4m of performance bonds to win contracts worth PS50m proved almost impossible, and was one of the main reasons Tony Trapp sold The Engineering Business in 2008.
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