PERFORMANCE BOND
Defined in the standard specifications of 2 state transportation agencies. Each definition below is the agency’s own text, with the section it comes from — they do not all say the same thing, and on a contract the difference is the point.
Definitions are quoted from state-authored public specification books. This page carries no I-Code-derived terms.
Alaska · DOT&PF
The security furnished by the Contractor and t he Contractor’s Surety to guarantee performance and completion of the work provided for in the contract.
Section 101 — DEFINITIONS AND TERMS →Michigan · MDOT
The security furnished by the Contractor and the Contractor ’s surety to guarantee performance of the work i n accordance with the contract.
Section 101 — Terms, Format, and Definitions →