contract bond
- A type of bond used to safeguard an individual or company from losses that might occur due to non-compliance or violation of a contractual agreement, especially in construction or supply services
- The construction company took out a contract bond to protect against possible breaches in the construction agreement.
- To ensure the timely completion of the project, the supplier was required to secure a contract bond.
- Due to past contractual issues, they are now required to provide a contract bond before they can start any new projects.
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