on-demand bond

Definition

A monetary form of contractor performance assurance, typically provided by a bank, where the bond is payable to the owner simply on his demand, and usually without the owner having to provide the bank any evidence or details of the contractor's failure to perform.


Tools

Print |  Cite This Source |  Link to This Page
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z