Completion Bond – a surety bond guaranteeing payment of the cost of completing a construction contract if the contractor fails to complete it in accordance with the terms of the contract

completion bond:

1. A surety bond guaranteeing payment of the cost of completing a construction contract if the contractor fails to complete it in accordance with the terms of the contract. [1]

References:

Disclaimer: All material throughout this website is compiled in accordance with Fair Use.

[1]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine (James Arthur 1871-1949). Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning. ISBN 0-8273-4874-6.

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