advance payment bond or prepayment bond
Explanation:
according to Leo dictionary
this what this is called, ie it is a specific type of guarantee.
See below, and there are a million other hits on this:
The Joint Contracts Tribunal > Guidance Notes
... In this section: • Advance Payment Bond for use with JCT SFBC and Intermediate
Form of Contract • Advance Payment Bond for use with Construction Management ...
www.jctltd.co.uk/bonds.htm - 27k - Nov. 15, 2002
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Note added at 2002-11-16 15:49:45 (GMT)
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here\'s another example;
[PDF]MODEL ADVANCE PAYMENT BOND THIS GUARANTEE BOND is made as a deed ...
File Format: PDF/Adobe Acrobat - View as HTML
MODEL ADVANCE PAYMENT BOND THIS GUARANTEE BOND is made as a deed BETWEEN the following
parties whose names and registered offices are set out in the Schedule ...
www.demontfort.com/DeMontfort/Docs/ Advance%20payment%20bond.pdf
and another:
advance payment bond
advance payment bond. A guarantee that a principal will repay or liquidate
any money advanced to it that is related to construction ...
www.nils.com/rupps/advance-payment-bond.htm - 2k
these contracts are used to guarantee that prepayments made in projects will be returned if the project is not completed, etc.
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Note added at 2002-11-16 15:56:29 (GMT)
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The bond acts as a \"guarantee\", that\'s what it does, but the designation is \"advance payment bond\", because it it usually done through the form of a deed between the principal and the contractor and is standard terminology in contracting work...
| David Welch
United States
Local time: 18:47
Native speaker of:  English
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The translation workplace 
peer agreement (net): +4
