Tag: construction performance Bond
Why is the need for applying construction performance Bond?
Performance bond is also called a “contract bond” and is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract. To assure that the contractor assigned with the current projects completes all its obligations as specified in the contract the performance bond is usually provided by a bank or an insurance company. BREAKING DOWN ‘Performance Bond’…
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