Advertisement
Advertisement
performance bond
[ per-fawr-muhns bond ]
noun
- an indemnity agreement or bond, usually issued by a bank or insurance company, to protect against loss due to breach of contract.
performance bond
noun
- a bond given by a bank to a third party guaranteeing that if a specified customer fails to fulfil all the terms of a specified contract, the bank will be responsible for any loss sustained by the third party
51³Ô¹Ï History and Origins
Origin of performance bond1
Example Sentences
Nonetheless, Lebo said the tiles are under warranty and a contractor’s performance bond remains in effect, two possible though difficult avenues to reimburse transit taxpayers.
Companies that drill or operate gas and oil wells must pay a performance bond to the state, but the bond typically is returned when a well changes hands.
The performance bond for the Thirty Meter Telescope International Observatory was essentially litigated during the project’s contested case hearing, Nakamura’s ruling said.
The standards include a required performance bond to keep teams from jumping ship midseason.
The Department of Finance and Administration said Tuesday the businesses have each paid their $15,000 licensing fees and posted their $100,000 performance bond.
Advertisement
Advertisement
Advertisement
Advertisement
Browse