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,...
25 PERFORMANCE SURETY BOND We, , having offices at , , as principal, and , having offices at , , a corporation duly licensed to transact a surety business in the State of New Jersey, as...
The meaning of SURETY BOND is a bond guaranteeing performance of a contract or obligation.
English Noun surety bond ( plural surety bonds ) ( law ) A bond issued by one party, the... of performance, should the principle fail to perform. ( law ) In a criminal case, the surety (or...
the premium charged is determined accordingly.[citation needed] Surety bonds also occur in other situations, for example, to secure the proper performance of fiduciary duties by persons in...
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Both the surety and contractor are held liable if the contractor fails to abide by any of the contract's conditions. Bid Bonds vs. Performance Bonds A bid bond is replaced by a performance...
The surety then investigates to determine the extent of the losses. Industries That Use Performance Bonds Usually, performance bonds are provided in the real estate industry. These bonds...
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Read More Subdivision Performance Surety Bonds A surety subdivision bond is required by a municipality when a developer of a subdivision must construct improvements, which will eventually...