Performance guarantee

Hi, We are preparing a software. However we will outsource the coding to technical developer since that involves technical knowledge. In this scenario , how can we protect ourselves from technical developer delivering services on time and if he backs out during actual performance i.e non performance or performance not as per expectations. Similar situations must be experienced by others as well Eg in case of FMCG companies where actual manufacturers are different OR actors/performers/voice artist wherein there is lot of dependency on others and entire arrangement will be of no use if other party does not turn out. Please advice if we can go for performance bank guarantee or any other procedure which is normally executed in such situations Regards,