Defaulting On A Performance Bond Can Have Significant Financial Consequences.This Can Lead To A Range Of Monetary Impacts, Consisting Of:
Created By-When a guaranty problems an efficiency bond, it ensures that the principal (the event who purchases the bond) will satisfy their responsibilities under the bond's terms. If the major fails to fulfill these responsibilities and defaults on the bond, the surety is responsible for covering any losses or problems that result.1. Loss of credi