Performance bond is a type of contract bond that guarantees satisfactory completion of a project or service. It is commonly required in construction contracts to ensure that the contractor will fulfill all obligations according to the terms and conditions of the contract.
The abbreviation for performance bond in English is usually PB, which stands for Performance Bond.
Performance bonds are used to protect the project owner or investor in case the contractor fails to complete the project or deliver the service as agreed. If the contractor defaults, the project owner can make a claim on the performance bond to recover the costs of completing the project or hiring a new contractor.
Performance bonds are typically issued by banks or insurance companies and can vary in cost depending on the size and complexity of the project. They are an important risk management tool for both parties involved in a contract, as they provide financial security and peace of mind throughout the project.
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