A bond issued by a bank or other financial institution, guaranteeing the fulfilment of a particular contract.
- 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.
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