Which of the following is considered a type of performance bond?

A surety bond is indeed considered a type of performance bond. Performance bonds are designed to ensure that a contractor or service provider fulfills their obligations as specified in a contract. In the case of a surety bond, it involves three parties: the principal (the contractor), the obligee (the party who requires the bond, usually the project owner), and the surety (the entity that assures the performance). If the principal fails to meet their contractual obligations, the surety is responsible for compensating the obligee, thereby providing financial protection for the project owner.

In contrast, the other options do not function as performance bonds. A lease agreement does not provide assurance regarding the performance of a service or contract; rather, it outlines the terms of rental of a property or an asset. A tax bond primarily ensures that an entity will meet its tax obligations, not that contractual duties will be performed in a given project context. Lastly, a warranty bond is related to securing work quality and lasting performance of specific obligations after the completion of a project, not specifically ensuring performance in terms of contract obligations. Thus, the nature and function of a surety bond align directly with the characteristics required of performance bonds.