FINANCIAL GUARANTEES: UNDERSTANDING THE DIFFERENCE IN BETWEEN PERFORMANCE AND PAYMENT BONDS



Defaulting On A Performance Bond Can Have Substantial Economic Consequences.This Can Result In A Range Of Economic Effects, Including:

Authored By-When a surety concerns a performance bond, it ensures that the principal (the celebration who acquires the bond) will satisfy their responsibilities under the bond's terms. If the major fails to fulfill these commitments and defaults on the bond, the surety is accountable for covering any losses or damages that result.1. Loss of online

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