Discover The Unforeseen Expenditures And Repercussions Of Ignoring A Performance Bond, And Recognize Why It's Important To Avoid This Expensive Error
Material Author-When a surety issues a performance bond, it guarantees that the principal (the party that purchases the bond) will certainly fulfill their commitments under the bond's terms. If the major falls short to satisfy these obligations and defaults on the bond, the guaranty is responsible for covering any losses or problems that result.1.