Definition of performance bond in English:

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performance bond

noun

A bond issued by a bank or other financial institution, guaranteeing the fulfillment of a particular contract.
Example sentences
  • Examples of this were inserting into the requirements for the performance bond and guarantee the requirement that they be executed at the time of entry into the contract.
  • By way of illustration, take the case in which the customer is under an obligation to reimburse to the bank any amount that may be demanded by the beneficiary of a performance bond.
  • I start with the commercial purpose of a performance bond.

For editors and proofreaders

Syllabification: per·for·mance bond

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