performance bond

English - Turkish

Definition of performance bond in English Turkish dictionary

(Ticaret) kesin teminat

(Finans) kesin teminat mektubu

Related Terms

performance bond guarantee

teminat mektubu anlamına gelir

English - English

Definition of performance bond in English English dictionary

: 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

A bond issued by a bank or other financial institution, guaranteeing the fulfilment of a particular contract

Funds that must be deposited as a performance bond by a customer with his or her broker, by a broker with a clearing member, or by a clearing member, with the Clearing House The performance bond helps to ensure the financial integrity of brokers, clearing members and the Exchange as a whole

Bond issued at the request of one party to a contract in favor of the other party to the contract to protect the other party against loss in the event of default on the contract by the requesting party The bonding agent may undertake to fulfill the contract or may simply undertake to pay a specific amount in monetary damages A standby letter of credit or demand guarantee is often used as a performance bond with the latter characteristics

A bond which guarantees the faithful performance of a contract See also Contract Bond

Bond, usually issued by a bank, guaranteeing specific monetary payment to a beneficiary if the purchaser or maker fails to perform or acts in violation of a contract In the United States, a performance bond puts the issuer under obligation to render the performance himself

A bond, usually posted by one who is to perform work for another, which assures that a project or undertaking will be completed as per agreement or contract

means a surety bond, collateral bond or a combination thereof, by which a permittee assures faithful performance of all the requirements of the Federal Act, the State Act, 62 Ill Adm Code, and the requirements of the permit and reclamation plan

A bond posted by a contractor guaranteeing the owner that the bonding company will complete construction if the contractor defaults

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

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

one issued by an insurance company; posted by a party who is to perform certain work If the work is not performed, the insurer promises to complete the work or pay damages up to the amount of the bond

A bond which guarantees performance of the terms of a written contract Performance bonds can incorporate payment bond (labor and materials) and maintenance bond liability

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 Data (For Incinerators): Information collected, during a trial burn, on concentrations of desig- nated organic compounds and pollutants found in incinerator emissions Data analysis must show that the incinerator meets performance standards under operating conditions specified in the RCRA permit (See: trial burn; performance standards )

A bond that binds a surety company to complete a construction contract if the contractor defaults

Guarantees contractor will complete the scope of the contract in accordance with the terms and conditions

A bond which guarantees performance of the terms of a written contract, Performance Bonds frequently, but not always, incorporate payment bond and maintenance bond liability

Funds that must be deposited as a performance bond by a customer with his or her broker, by a broker with a clearing member or by a clearing member, with the Clearing House The performance bond helps to ensure the financial integrity of brokers, clearing members and the exchange as a whole

Guarantees that the contractor will perform the work according to the contract, within the stipulated time and according to the agreed price They may also guarantee the performance of the bonded contractor's subcontracts

A surety bond purchased by a contractor that guarantees that the contractor will complete a project as spelled out in the contract

A written promise from an insurance company, stating that if a given person does not complete work required under a contract, the insurer will pay someone else to complete the work or pay damages

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 A bond issued by a surety and executed by a contractor to provide protection against the contractor's failure to perform a contract in accordance with its terms

Security deposit, such as a bank guarantee or a letter of credit opened by the supplier, that guarantees compliance on the part of the supplier with the terms of the sale contract The deposit, typically 10 percent of the contract amount, is payable to the buyer as liquidated damages in case the supplier defaults on performance

A bond supplied by one party to protect another against loss in the event of default of an existing contract

A bond that guarantees the property owner (the "obligee") that the contractor with the winning bid on a job will perform as promised and on time

Bond submitted by the contractor which guarantees his ability to complete the work for the contract price

Surety bond given by one party to another, protecting the second party against loss in the event that the terms of the contract are not fulfilled (Source: GNMA Document Custodian Manual, Glossary)

A bond that secures performance and fulfillment of the contractor's obligations under the contract

Related Terms

performance bonds

plural form of performance bond

Hyphenation

per·for·mance bond

Turkish pronunciation

pırfôrmıns bänd

Pronunciation

/pərˈfôrməns ˈbänd/ /pɜrˈfɔːrməns ˈbɑːnd/