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Do Performance Bonds Have An Expiration Date? Performance Bonds typically expire when the period of time specified in the bond comes to an end, or upon practical completion of the works. They can also be valid until any goods with defects are made. How long a Performance Bond lasts is usually based on the wording…
How is A Performance Bond Calculated? Understanding how performance bonds are calculated is crucial for contractors and project owners alike. This is because Performance Bonds are significant in ensuring project completion and financial security. Performance Bonds offer protection to the project owner or obligee, typically by providing financial compensation in case the contractor or principal…
Do Performance Bonds Cover Warranty? When a contractor takes out a performance bond, they may assume that it covers their warranty, however, that isn’t the case. A performance bonds primary focus is on performance during the construction phase, it does not inherently cover post-completion warranty obligations unless specified. However, some performance bonds include warranty provisions,…
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