Uncover The Hidden Costs And Repercussions Of Back-Pedaling A Performance Bond, And Discover Why It's Important To Avoid This Costly Bad Move
Material Author-When a guaranty problems a performance bond, it ensures that the principal (the event who acquires the bond) will satisfy their responsibilities under the bond's terms. If the principal stops working to satisfy these responsibilities and defaults on the bond, the surety is accountable for covering any losses or damages that result.1