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  1. Dictionary
    performance bond

    noun

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

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  2. www.investopedia.com › terms › pWhat Is a Performance Bond and How Does It Work? - Investopedia

    Jun 12, 2024 · A performance bond is a financial guarantee that the terms of a contract will be honored. If one party to a contract cannot complete their obligations, the bond is paid out to the...

  3. en.wikipedia.org › wiki › Performance_bondPerformance bond - Wikipedia

    A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin .

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  5. www.wallstreetmojo.com › performance-bondsPerformance Bonds - What Are They, Examples, Cost, Contract

    May 21, 2024 · A performance bond is a surety bond issued by a financial institution such as a bank or an insurance company to signify that the terms of a contract would be fulfilled by the contractor. These bonds usually last for twelve months or sometimes are extended for 36 months.

  6. www.pandadoc.com › blog › performance-bondPerformance Bonds - What Is It and How Does It Work - PandaDoc

    Apr 30, 2024 · A performance bond is a type of surety bond that guarantees a contractor will complete a project as per the contract terms. Learn how performance bonds work, when they are required, and what they cover in construction and other contract-based projects.

  7. www.allianz-trade.com › what-are-performance-bondsWhat are performance bonds? | Allianz Trade

    Feb 22, 2024 · Also known as contract bonds, or performance guarantees, a performance bond is usually around two years in duration, though may be longer depending on the scope of the project. It ensures the proper performance of a contractual obligation – or financial recompense if that is not possible.

  8. www.procore.com › library › construction-performance-bondPerformance Bonds for Construction Explained | Procore

    Nov 30, 2023 · Learn how performance bonds guarantee that contractors will fulfill their obligations under a construction agreement. Find out how they work, why they are important, and how to get one as a contractor.

  9. blog.ascentconsults.com › ultimate-performance-bond-guideThe Ultimate Guide to Performance Bonds

    A performance bond is a financial guarantee that a contractor will complete a project according to the contract terms. Learn about the three types of construction bonds, how to select a surety company, and the common risks for contractors.