Back-Pedaling A Performance Bond Can Have Significant Economic Consequences.This Can Result In A Series Of Financial Impacts, Including:
Authored By-When a surety problems a performance bond, it ensures that the principal (the event who purchases the bond) will certainly satisfy their obligations under the bond's terms. If the major fails to fulfill these commitments and defaults on the bond, the surety is accountable for covering any losses or problems that result.1. Loss of credib