Discover The Concealed Expenditures And Consequences Of Disregarding A Performance Bond, And Understand Why It's Important To Steer Clear Of This Costly Oversight
Author-When a guaranty problems an efficiency bond, it ensures that the principal (the party that buys the bond) will accomplish their obligations under the bond's terms. If the principal fails to meet these obligations and defaults on the bond, the surety is responsible for covering any type of losses or damages that result.1. Loss of track record