Meaning of performance bond guarantee
Performance Bond Guarantee
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International trade
Glossary of international trade terms
Meaning and definition of performance bond guarantee :
If a company is undertaking a contract, it may be asked to give a performance bond for part of the value of the contract. If the customer considers the companys performance under the terms of the contract has been unsatisfactory, payment of the bond can be demanded from the banker guaranteeing the bond. The bond is issued by the bank on behalf of the company, and therefore increases the banks potential exposure to the company.
For the term performance bond guarantee may also exist other definitions and meanings, the meaning and definition indicated above are indicative not be used for medical and legal or special purposes.
Source : http://www.irantender.com/english/Document/Glossary%20of%20International%20Trade%20Terms.doc
Web site link of source : http://www.irantender.com/irantender/english/
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Glossary of international trade terms
Performance Bond Guarantee
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