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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 from the Cambridge Business English Dictionary © Cambridge University Press)
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