Defaulting On A Performance Bond Can Have Considerable Financial Consequences.This Can Result In A Range Of Monetary Effects, Including:
Content By-When a guaranty problems a performance bond, it ensures that the principal (the party that buys the bond) will meet their commitments under the bond's terms. If the primary falls short to fulfill these responsibilities and defaults on the bond, the surety is accountable for covering any kind of losses or problems that result.1. Loss of t