What You Should Know About a Performance Bond
The construction industry is a resource-intensive industry where a lot of money is at stake. Hence, it becomes necessary to secure contracts for guaranteeing their successful completion. Additionally, construction companies need to ensure satisfactory work quality. This is where a performance bond steps in. A performance bond is a surety bond which is issued to contractors or subcontractors by an insurance company (or sometimes a bank). It is a guarantee that the contractor will complete the job in a satisfactory manner.
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