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Simple English definitions for legal terms

operative performance bond

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A quick definition of operative performance bond:

An operative performance bond is a type of bond that ensures that a contractor will complete a project according to the terms of their contract. It is a legal agreement that provides financial protection to the project owner in case the contractor fails to meet their obligations. The bond is only considered "operative" or in effect once the project has started and the contractor has begun work.

A more thorough explanation:

An operative performance bond is a type of bond that ensures a contractor will complete a project according to the terms of their contract. It is a financial guarantee that protects the project owner from financial loss if the contractor fails to meet their obligations.

  • When a construction company is hired to build a new office building, they may be required to provide an operative performance bond to the project owner. This bond would ensure that the construction company completes the project on time and according to the agreed-upon specifications.
  • In another example, a government agency may require a contractor to provide an operative performance bond when bidding on a public works project. This bond would protect the agency from financial loss if the contractor fails to complete the project as required.

These examples illustrate how an operative performance bond works to protect project owners from financial risk. By requiring a bond, the project owner can have confidence that the contractor will fulfill their obligations and complete the project as agreed.

operative construction | opinion letter

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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