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Meaning of “performance contract” in the English Dictionary

"performance contract" in Business English

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performance contractnoun [C]

uk   us  
HR, LAW a ​legalagreement in which one ​organizationagrees to ​pay another when they successfully ​finish the ​project or ​task they were ​employed to do: The street ​lightingservice is ​delivered through a ​performancecontract.
performance contracting
noun [U]
Since the ​performancecontractingprocess has been in ​operation, there is a ​clearevidence of ​improvement in ​delivery of ​services.
(Definition of performance contract from the Cambridge Business English Dictionary © Cambridge University Press)
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“performance contract” in Business English

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