Uncover The Covert Expenses And Effects Of Defaulting On A Performance Bond, And Learn Why It's Vital To Prevent This Costly Error
Material Writer-When a surety issues a performance bond, it ensures that the principal (the party who buys the bond) will accomplish their responsibilities under the bond's terms. If the primary falls short to meet these commitments and defaults on the bond, the surety is in charge of covering any losses or damages that result.1. Loss of reputation