Definition of "Completion bond"

Chris Hill  real estate agent

Written by

Chris Hill elite badge icon

Century 21 New Millennium

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Use of a parcel of land that will produce the greatest current value. ...

To acquit, exonerate, absolve, or discredit allegations. ...

The quality of life enjoyed by a person depending on factors such as spendable income, housing conditions, health and education. ...

Initial offer to buy or sell answered with a revised offer. For example, a buyer offers $500,000 for a home put on the market. The owner rejects the offer but submits a counteroffer for ...

The definition of emblements in real estate is very simple: emblements are the crops grown on a piece of property leased to a tenant. Legally, the crops are the property of the person who ...

Defect in the tax law that either may provide a loophole to minimize the tax payment or result in higher taxes than there should be. ...

Pump installed in the sump of a building to pump out and drain any water or liquids that have accumulated. ...

Street having access only at one end and terminating with a circular turnaround area. The circular area permits automobiles to exit the street without having to use a home's driveway to ...

Individual who has a legal obligation to pay money to another. ...

Popular Real Estate Questions