contract bond
A contract bond guarantees the performance of obligations assumed in a contract by the principal (the party paying the premium for the bond) for the benefit of another contracting party (the obligee).
contract bond
A contract bond guarantees the performance of obligations assumed in a contract by the principal (the party paying the premium for the bond) for the benefit of another contracting party (the obligee).
Additional Information
This type of bond is utilized most often in the construction industry but does have application in other industries.
Synonyms
bond
