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English definition of “completion bond”

completion bond

noun [C]    
INSURANCE a promise by an insurance company to the person or financial organization financing 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 building construction , which take a long time to complete : He needs a completion bond which guarantees the banks that it will pay all cost overruns necessary to finish the movie .
(Definition of completion bond noun from the Cambridge Business English Dictionary © Cambridge University Press)
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