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Performance Bond
(redirected from Completion bond)

    Also found in: Wikipedia 0.07 sec.
Performance Bond
A bond issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract.

Notes:
For example, a contractor may issue a bond to a client for whom a building is being constructed. If the contractor fails to construct the building according to the specifications
laid out by the contract, the client is guaranteed compensation for any monetary loss.

Performance bond
A surety bond between two parties, insuring one party against loss if the terms of a contract are not fulfilled. Usually part of a construction contract or supply agreement.


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? Mentioned in ? References in periodicals archive
 
Film Finances, a Los Angeles-based completion bond company, recently hired a 30-year video game industry veteran Tom Petit out of retirement to head its interactive entertainment group.
Completion bonds come to video game world: policies include ... by Lee, Booyeon / Los Angeles Business Journal
Since then he has remained active in the industry as a partner in Film Finances of Canada, a completion bond company he co-founded in the early 1980s.
Hollywood North: Creating the Canadian Motion Picture Industry by Blakeman, Chris / Take One
for allegedly obtaining more money from the city than they actually used to secure a Performance and Completion Bond for the repair of the housing project.
BRIEFLY : WATER-RESCUE DRILL HOSPITALIZES DEPUTY by Daily News (Los Angeles, CA)
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