Back-Pedaling A Performance Bond Can Have Substantial Economic Consequences.This Can Cause A Series Of Monetary Influences, Including:
Content Author-When a surety issues a performance bond, it guarantees that the principal (the party that acquires the bond) will meet their responsibilities under the bond's terms. If the primary fails to meet these responsibilities and defaults on the bond, the surety is accountable for covering any type of losses or damages that result.1. Loss of