A bid bond is a debt secured by a bidder for a construction job or similar type of bid-based selection process for the purpose of providing a guarantee to the project owner that the bidder will take on the job if selected.
A performance bond is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract.
An advance payment, or simply an advance, is the part of a contractually due sum that is paid or received in advance for goods or services, while the balance included in the invoice will only follow the delivery
Retention bond is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate that is retained by the client.
A customs surety bond is a contract used for guaranteeing that a specific obligation will be fulfilled between customs and an importer for any given import transaction.