performance bond(Performance Bond/Guarantee A guarantee issued by a bank, on behalf of a seller to a buyer, to support the sellers ability to perform under the contract. If the seller fails to perform in accordance with the contract the buyer can claim compensation under the guarantee. Found on aibtradefinance.comAlexander Demidov)
performance bond(a bond given to protect the recipient against loss in case the terms of a contract are not filled; a surety company assumes liability for nonperformance • Syn: surety bond. WN3 Alexander Demidov)
performance bond(A contractor's bond, guaranteeing that the contractor will perform the contract and providing that, in the event of default, the surety may complete the contract or pay damages up to the bond limit. WT Alexander Demidov)