Discover The Unexpected Expenses And Repercussions Of Disregarding A Performance Bond, And Recognize Why It's Vital To Avoid This Costly Error
Write-Up Developed By-When a guaranty problems a performance bond, it ensures that the principal (the party that buys the bond) will satisfy their obligations under the bond's terms. If the principal stops working to meet these commitments and defaults on the bond, the surety is responsible for covering any losses or problems that result.1. Loss of