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Term | Definition |
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Bond or bonding |
- An amount of money (usually $5,000-$10,000)
which must be on deposit with a governmental agency in order to secure a
contractor's license. The bond may be used to pay for the unpaid bills or
disputed work of the contractor. Not to be confused with a 'performance
bond'. Such bonds are rarely used in residential construction, they are an insurance policy which guarantees proper completion of a project.
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