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Simple English definitions for legal terms

nonoperative performance bond

Read a random definition: preventive custody

A quick definition of nonoperative performance bond:

A nonoperative performance bond is a type of bond that is not currently in effect but will be activated upon the issuance of the buyer's letter of credit or other approved financing. It is a guarantee that the contract will be completed on time and to the satisfaction of the buyer. This type of bond is often used in major international agreements and is typically issued by banks or insurance companies. The face amount of the bond is usually 2% of the value of performance, but can be as much as 5%.

A more thorough explanation:

A nonoperative performance bond is a type of performance bond that is not currently in effect but is activated upon the issuance of the buyer's letter of credit or other approved financing. This type of bond is commonly used in major international agreements and construction contracts to ensure the timely completion of a project.

  • Performance Bond: A bond given by a surety to ensure the timely performance of a contract. In major international agreements, performance bonds are typically issued by banks, but sometimes also by insurance companies. The face amount of the bond is typically 2% of the value of performance, but occasionally as much as 5%.
  • Completion Bond: A third party's agreement to guarantee the completion of a construction contract upon the default of the general contractor.

These examples illustrate the definition of a performance bond. In the first example, a performance bond is given by a surety to ensure the timely performance of a contract. In the second example, a completion bond is used to guarantee the completion of a construction contract in case the general contractor defaults. Both examples show how performance bonds are used to ensure the completion of a project and protect the parties involved.

nonoperating income | nonownership theory

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ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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