Definition of "Completion bond"

Jo Mullins real estate agent
Jo Mullins, Real Estate Agent Century 21 J. Carter & Company

Bond given by a building contractor to a public authority and guaranteed by a third party, usually a bonding company, that a contracted construction project will be completed within the contract period. Building contractors must be qualified in terms of meeting specific experience and achievement qualifications. Should the building contractor default, the bonding company guarantees to compensate for financial damages.

 

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