Performance Bond
Insurance
Performance
Bond
The performance bond provides guarantees to the Principal of a project that they will be financially compensated as a result of failure of the Insured to complete the project as per terms of the contract.
Normally it is a requirement by the principal of the project for the Insured to present them with a performance bond either in form of insurance or bank guarantee once a project is awarded to the Insured.
The performance bond is only provided to the Insured to complement the related projects insurance for the same project such as contractor all risks, erection all risks and workmen compensation.
Advance Payment Bond
The advance payment bond provide guarantees to the Principal of a project that they will financially compensated as a result of failure to recoup the advance money paid to the Insured as per terms of the contract.
This bond is only provided to the Insured who exercise its option to take up advance money for a government project and to complement the related projects insurance for the same project such as contractor all risks, erection all risks and workmen compensation.
The performance bond provides guarantees to the Principal of a project that they will be financially compensated as a result of failure of the Insured to complete the project as per terms of the contract.
Normally it is a requirement by the principal of the project for the Insured to present them with a performance bond either in form of insurance or bank guarantee once a project is awarded to the Insured.
The performance bond is only provided to the Insured to complement the related projects insurance for the same project such as contractor all risks, erection all risks and workmen compensation.
Advance Payment Bond
The advance payment bond provide guarantees to the Principal of a project that they will financially compensated as a result of failure to recoup the advance money paid to the Insured as per terms of the contract.
This bond is only provided to the Insured who exercise its option to take up advance money for a government project and to complement the related projects insurance for the same project such as contractor all risks, erection all risks and workmen compensation.
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