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Performance Bond
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ISBN10: 6138855647
ISBN13: 9786138855644
Publisher: Populpub
Pages: 84
Weight: 0.30
Height: 0.20 Width: 5.98 Depth: 9.02
Language: English
ISBN13: 9786138855644
Publisher: Populpub
Pages: 84
Weight: 0.30
Height: 0.20 Width: 5.98 Depth: 9.02
Language: English
Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. 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. A job requiring a payment & performance bond will usually require a bid bond, to bid the job. When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job completion. For example, a contractor may cause a performance bond to be issued in favor of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications laid out by the contract (most often due to the bankruptcy of the contractor), the client is guaranteed compensation for any monetary loss up to the amount of the performance bond.
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