A performance bond is a type of surety bond that guarantees project completion according to contract specifications

https://sites.google.com/view/swiftbond/surety-bonds/exclusions-and-limitations-affect-the-scope-of-coverage-by-a-surety-bond

A performance bond is a type of surety bond that guarantees project completion according to contract specifications. It protects project owners from financial loss due to contractor default.