About this document
Performance Bond Overview in Construction by Qayyum Uzear Usin is a document available to read on EtoBox.
A performance bond is a written guarantee from a third party (usually a bank or insurance company) submitted to the client by a contractor to ensure payment if the contractor fails to fully perform the contract. Performance bonds usually cover 100% of the contract price and replace bid bonds once a contract is awarded. Unlike insurance, payment from a cashed performance bond is recovered from the contractor rather than the guarantor.
- Author
- Qayyum Uzear Usin
- Language
- EN