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 ?
The provisions of a payment bond are usually included in the performance 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 cases where contractors fail to comply with obligations in accordance with the building contract, performance bonds offer a secure fund for the employer.
Performance bonds are used by investors as guarantees ensuring full and satisfactory completion of work by contractors.
A performance bond effectively provides a financial guarantee to a contractor that a supplier will delivery on time and to standard.
As such, Performance Bonds are merely intended to operate as guarantees, and not advance payments in respect of monies which a court or arbitral tribunal may or may not later award to the Employer at a merits hearing.
Australian group JML Engineered Facades said it has secured a performance bond from Export Finance and Insurance Corporation (EFIC) for participation in the QR33.
The decision as to whether a commercial developer/owner should ask for and require payment or performance bonds should be carefully examined.
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.
Best believes that ExCo continues to have a limited but developing profile as a small company issuing residential performance bonds, a new product in the UK market.
Performance bonds must be submitted within 21 calendar days of the issuance of a tentative notice of award.
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.
Because all of Meadow Valley's public works contracts and many of our private contracts require us to provide payment and performance bonds, this higher bonding limit will allow us to bid on more projects, which is critical to achieve the growth in our construction services segment we are striving for.
When signing the contract, the provider submitted a bank guarantee for advance payment and performance bonds or suretyship advance payment and performance bonds or deposit a dedicated deposit as financial collateral for repayment of the advance payment and performance bonds.
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