performance bond

Noun
  1. 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 (synset 113359975)
    is a type of: bond, bond certificate - a certificate of debt (usually interest-bearing or discounted) that is issued by a government or corporation in order to raise money; the issuer is required to pay a fixed sum annually until maturity and then a fixed sum to repay the principal
    same as: surety bond

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