There are multiple definitions - click on the translation that matches your context.

Vertragserfüllungsgarantie oder -bürgschaft

Substantiv

partial

performance bond

noun

Comparative law notes

Germany

A performance bond is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract. It is also referred to as a contract bond. A performance bond is usually provided by a bank or an insurance company to make sure a contractor completes designated projects.

Definitions of performance bond

English

a type of insurance issued to protect against the risk of a contractor's non-performance

The Contractor has agreed to furnish a performance bond to the Employer.