Performance Bond
Type: noun
Pronunciation: /per-for-muns bond/
Also spelled or known as: Surety Bond
Plural: Performance Bonds
Related: Event Contract, Promoter
What does Performance Bond mean? A financial guarantee ensuring that a party fulfills its contractual obligations.
In the entertainment industry, performance bonds may be required to protect promoters, venues, investors, or production companies if an artist, contractor, or vendor fails to perform as agreed.
Performance Bond synonyms: Surety Bond, Contract Performance Bond, Completion Bond
Example sentence: “The festival required a performance bond before approving the production contract.”
PRE-ORDER RECORDING BUSINESS DICTIONARY