A performance bond is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor or sub contractor. In this example, The Chamber and The Center have failed to ‘perform’ in a satisfactory manner and the County has recourse with or without the performance bond. In the event there is no performance bond with the Covington Newton Chamber of Commerce or The Center, they then are responsible for the reimbursement of funds paid by The City of Covington, Newton County, Georgia and the Newton County Water and Sewerage Authority.