Meaning of contract bond
A guarantee, backed by Cash or other security, of the faithful performance and fulfillment of all the undertakings, covenants, terms, conditions, and agreements contained in a Contract. The Bond may include a guarantee of the payment of all labor and material bills incident thereto. These two guarantees may be written separately, the first as a Performance Bond, and the second as a Payment Bond.
Source: http://www.sceaonline.org/prof_dev/CEBoK-Glossary.xls
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