Uncover The Surprise Costs And Repercussions Of Defaulting On A Performance Bond, And Discover Why It's Important To Prevent This Pricey Mistake
Personnel Author-When a guaranty issues an efficiency bond, it ensures that the principal (the party who acquires the bond) will meet their responsibilities under the bond's terms. If the major fails to fulfill these obligations and defaults on the bond, the guaranty is responsible for covering any losses or damages that result.1. Loss of online re