No amount will be certified or paid until the Employer has received and approved the Performance Security.

在雇主收到并批准了履约保证之后，工程师才能为任何付款开具支付证书。

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However, the Employer may withhold any such right or possession until the Performance Security has been received.

但雇主在收到履约担保前，可保留上述任何进入或占用权，暂不给予。

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The performance security shall be valid until the Contractor has executed and completed the Works and remedied any defects therein accordance with the Contract.

在承包商根据合同完成施工和竣工，并修补了任何缺陷之前，履约保证将一直有效。

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If security selection is a zero-sum game, the amount by which the winner wins equals the amount by which the loser loses -winners and losers being defined by performance after a security selection that has been made -well, that sounds like a zero-sum game.

如果证券选择是一个零和博弈,赢方赚得的金额,等于输方赔付的金额,谁赢谁输取决于,双方投资在证券选择后的表现,这听起来确实像个零和博弈

耶鲁公开课 - 金融市场课程节选

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