For Performance Bond we have terms and definitions in 6 topics. The topics are Construction, Environment, Finance, Financial, Real Estate and Sanitation.

Performance Bond (Construction)

An amount of money (usually 10% of the total price of a job) that a contractor must put on deposit with a governmental agency as an insurance policy that guarantees the contractors' proper and timely completion of a project or job.

Performance Bond (Environment)

Cash or securities deposited before a landfill operating permit is issued, which are held to ensure that all requirements for operating ad subsequently closing the landfill are faithful performed. The money is returned to the owner after proper closure of the landfill is completed. If contamination or other problems appear at any time during operation, or upon closure, and are not addressed, the owner must forfeit all or part of the bond which is then used to cover clean-up costs.

Performance Bond (Finance)

A surety bond between two parties, insuring one party against loss if the terms of a contract are not fulfilled.

Performance Bond (Financial)

See SPAN® and Margin Requirement. See SPAN® and Margin Requirement.

Performance Bond (Real Estate)

A surety bond posted by a contractor guaranteeing full performance of a contract with the proceeds to be used to complete the contract or compensate for the owner's loss in the event of nonperformance

Performance Bond (Sanitation)

A pledge from a surety to pay the bond amount to the Obligee (owner or contractor) in the event of a default in performance of contractual obligations.

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