completion bond Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “completion bond” in the English Dictionary

"completion bond" in Business English

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completion bondnoun [C]

uk   us  
INSURANCE a promise by an ​insurancecompany to the ​person or ​financialorganizationfinancing a ​project that it will ​provide the ​money needed to complete the ​project, ​even if something unexpected ​happens. Completion ​bonds are often used for ​projects such as film ​production and ​buildingconstruction, which take a ​longtime to complete: He ​needs a ​completionbond which ​guarantees the ​banks that it will ​pay all ​costoverruns necessary to ​finish the movie.
(Definition of completion bond from the Cambridge Business English Dictionary © Cambridge University Press)
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