Back-Pedaling A Performance Bond Can Have Considerable Monetary Consequences.This Can Cause A Series Of Economic Effects, Including:
Content Writer-When a surety problems a performance bond, it guarantees that the principal (the party who purchases the bond) will meet their commitments under the bond's terms. If the principal stops working to meet these obligations and defaults on the bond, the guaranty is responsible for covering any losses or problems that result.1. Loss of cr