Back-Pedaling A Performance Bond Can Have Considerable Monetary Consequences.This Can Cause A Series Of Economic Effects, Including:
Personnel Author-When a guaranty issues a performance bond, it assures that the principal (the party that purchases the bond) will fulfill their responsibilities under the bond's terms. If the primary falls short to meet these responsibilities and defaults on the bond, the surety is in charge of covering any losses or damages that result.1. Loss of