Defaulting On A Performance Bond Can Have Significant Economic Consequences.This Can Result In A Variety Of Monetary Effects, Including:
Write-Up Written By-When a surety issues an efficiency bond, it ensures that the principal (the celebration that acquires the bond) will fulfill their obligations under the bond's terms. If the principal fails to meet these commitments and defaults on the bond, the guaranty is responsible for covering any losses or damages that result.1. Loss of cr