Catalan
garantia de bon fi Spanish
garantía del cumplimiento 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.
Legal contract that protects a client from a contractor's insolvency or other failure to perform.
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He says the performance bond was not overtly a gag clause, but it was concerning.
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In the event of a fine, "senior management and the material risk-takers would forfeit their performance bond," he said.
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The " performance bond" worth $250,000 is freed once competitors have entered the first leg.
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Ministers have denied that the companies are being bailed out, saying they will lose a £165m performance bond and face other penalties.
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A performance bond with a maximum limit of €20m has been agreed, and Boundary will guarantee this on behalf of Synchrony.
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The Government is also liable for the £1.25 million performance bond pledged by Bord Failte when Ireland originally secured the rights to host the games.
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Fianzas Monterrey, one of Mexico's largest surety lines company, offers administrative performance bonds primarily to clients in the construction and industrial sectors.