Performance Bonds and Guarantees

Performance Bonds and Guarantees

Bond is a financial obligation in writing whereby an individual / company is obligated under the contractual agreement to furnish by way of performance bond / guarantee in accordance with the specifications in the contract. Insurance bond is a three-party instrument, whereby one party (the insurance company or bank) guarantees a second party (the principal/beneficiary) financial protection of a third party (the contractor).

Types of bonds commonly issued by insurers are:

  • Advance Payment Bond
  • Bid / Tender Bond
  • Credit Bond
  • Custom Bond
  • Immigration Bond
  • License and Permit Bond
  • Maintenance Bond
  • Performance Bond
  • Rental Bond
  • Sub-Contractor Bond
  • Supply Bond
  • Warranty Bond

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