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performance bond

/pərˈfɔːrməns bɒnd/

1 entry

phrase

/pərˈfɔːrməns bɒnd/C1formalbusiness
  • ruФинансовая гарантия, обычно выдаваемая банком или страховой компанией, обеспечивающая выполнение подрядчиком или поставщиком условий контракта; в случае невыполнения обязательств, гарантия компенсирует владельцу проекта убытки.

A financial guarantee, typically issued by a bank or insurance company, ensuring that a contractor or supplier will fulfill the terms of a contract; if the obligations are not met, the bond compensates the project owner for losses.

  1. Financial guaranteeC1formal

    A surety bond issued by a bank or insurance company to guarantee that a contractor will complete a project according to the terms of the contract.

    ruФинансовая гарантия

    • The construction company had to provide a performance bond before starting the project.
    • If the contractor fails to deliver, the client can claim against the performance bond.
    • The bank issued a performance bond worth 10% of the contract value.