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 legal agreement in which one organization agrees to pay another when they successfully finish the project or task they were employed to do:

The street lighting service is delivered through a performance contract.
performance contracting
noun [ U ]

Since the performance contracting process has been in operation, there is a clear evidence of improvement in delivery of services.

(Definition of “performance contract” from the Cambridge Business English Dictionary © Cambridge University Press)