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.
retention bond is in the Agreements & Contracts, Banking, Commerce & Finance and Disaster Planning & Risk Management subjects.
This content can be found on the following page:
http://www.businessdictionary.com/definition/retention-bond.html
email to a friend
print this definition
cite this definition
link to this page







