Question

explain briefly the concept of performance bond.​

Answer 1

Answer:

A performance bond is usually stipulated in the general conditions to assure the owner that the contractor will complete all obligations set out in the contract, provided that no action by the owner or the owner's agents prevents or inhibits the contractor from the implementation of the contract requirements.

Answer 2

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Generally, a bond is an arrangement under which the performance of one party (A) to another party (B) is backed up by a third party (C). ... A Contractor may also provide a bond in favour of the Employer, in return for an early release of retention money or, indeed, completely replacing the retention provisions.