Defaulting On A Performance Bond Can Have Substantial Economic Consequences.This Can Cause A Range Of Financial Impacts, Consisting Of:
Authored By-When a surety problems a performance bond, it guarantees that the principal (the party that acquires the bond) will satisfy their commitments under the bond's terms. If the primary stops working to meet these obligations and defaults on the bond, the surety is responsible for covering any type of losses or damages that result.1. https: