Back-Pedaling A Performance Bond Can Have Considerable Monetary Consequences.This Can Result In A Variety Of Financial Impacts, Including:
Published By-When a surety problems a performance bond, it guarantees that the principal (the party that acquires the bond) will fulfill their obligations under the bond's terms. If the primary stops working to meet these commitments and defaults on the bond, the guaranty is responsible for covering any type of losses or damages that result.1. Loss