retention bond
Definition
Type of performance bond that protects the customer after a job or project is finished. It guarantees that the contractor will carry out all necessary work to correct structural and/or other defects discovered immediately after completion of the contract, even if full payment has been made to the contractor.
Popular 'Agreements & Contracts' Terms
retention bond in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/retention-bond.html
