Final answer:
A performance bond guarantees that a project will be completed in accordance with the contract, even if the original contractor fails to do so, safeguarding the project owner's interests.
Step-by-step explanation:
The type of bond that guarantees that the job will be completed even if the abatement contractor fails to do so is a performance bond. 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.
In this context, if the abatement contractor is unable to fulfill the obligations of the contract, the bond issuer will pay for the completion of the project up to the bond limit. This bond is essential in construction and contracting as it protects the financial interests of the project owner against the possibility of a contractor's failure to complete the project or meet the specified terms and conditions.