Bond

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AACEI A bond is an instrument of security furnished by the contractor and/or surety in accordance with the contract documents. The term contract security refers to the payment bond, performance bond and those other instruments of security required in the contract documents.[1]

Related terminology

AACEI
Blanket bond
A bond covering a group of persons, articles, or properties.[1]
Bid bond
A bond that guarantees the bidder will enter into a contract on the basis of the bid.[1]
Payment bond
A bond that is executed in connection with a contract and which secures the payment of all persons supplying labor and material in the prosecution of the work provided for in the contract.[1]
Performance bond
A bond that is executed in connection with a contract and which secures or guarantees the completion, performance and fulfillment of all the work, undertakings, covenants, terms, conditions, and agreements contained in the contract.[1]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 Association for the Advancement of Cost Engineering International [AACEI] (2007). Cost Engineering Terminology, 10S-90, Association for the Advancement of Cost Engineering International.
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 This article contains text from the Association for the Advancement of Cost Engineering website which is copyright all rights reserved by Association for the Advancement of Cost Engineering International (AACEI).
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