English Noun performance bonds plural of performance bond
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,...
English Noun performance bond ( plural performance bonds ) ( law ) A contractor's bond, guaranteeing that the contractor will perform the contract and providing that, in the event of...
Performance bonds are intended to guarantee a contractor’s satisfactory and timely completion of a project. There is no need for the employer to establish or prove that the contractor has defaulted on its obligations prior to making the call. For that reason, enforcing a performance bond is often seen by employers as an attractive option: it can be a means of obtaining a quick cash return, which could alleviate any cashflow pressures that threaten the viability of the project. Historically, ca...
Performance bonds can also be used in commodity trades as a guarantee of delivery. In commodity markets, a seller is asked to provide a performance bond to reassure the buyer that they'll...
Performance Bonds. Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such...
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View CME Group's Performance Bonds and Margins FAQ.
Performance Bond. As a further guarantee of the faithful performance of the provisions of this contract, Xxxxxxxxx delivers herewith and agrees to maintain a surety bond in the dollar amount stated in A17, unless the amount is adjusted as provided in B9.11 or B9.13. In lieu of surety bond, Purchaser may deposit into a Federal De- pository, as directed by ; Performance Bond. PURCHASER shall furnish STATE with a performance bond, in an amount as stated in Section 6, which shall guarantee complete ...
Travelers offers a performance bond called an Expedited Dispute Resolution (EDR) bond. An EDR performance bond includes a contractually determined maximum period for responding to or disputing a claim. In other words, claim processing is · expedited compared to the claim process for a typical performance bond. The key benefit of an EDR performance bond is that it combines the coverage of a standard performance bond and also minimizes project disruption; it also helps avoid costly delays by all...