Discover The Surprise Expenses And Consequences Of Defaulting On A Performance Bond, And Learn Why It's Critical To Prevent This Costly Error
Written By-When a guaranty issues an efficiency bond, it ensures that the principal (the event that purchases the bond) will meet their obligations under the bond's terms. If the major fails to satisfy these commitments and defaults on the bond, the surety is accountable for covering any type of losses or damages that result.1. Loss of reputation: