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Who Issues Performance Bonds? Performance bonds are usually issued by a bank or insurance/surety company as a form of guarantee that contractors will meet their obligations. They are often used in the construction industry as an agreement between a contractor and a beneficiary that the project will be delivered as per the contract. This…
What Is A Surety Bond? A surety bond is a legal agreement involving three parties; the principal (contractor), the employer (obligee), and the surety/guarantor. These bonds can provide financial protection for the employer in the event that the contractual obligations, as detailed in the bond wording and contract, are not fulfilled. This article will tell…
When Can I Release A Performance Bond? A performance bond is released when all the underlying covenants within the bond wording and associated contract are satisfied. This is usually when practical completion (PC) of the contract is achieved, or at the end of the making good of defects (MGOD) period. In this article we will…
How Long Does A Performance Bond Last? When taking out a performance bond, many contractors may wonder about their validity period, and when they expire. The duration of a performance bond varies and is greatly dependent on how long it takes the contractor to achieve practical completion or making good of defects. Some performance…
When Are Performance Bonds Required? Performance bonds are one of the most common types of surety bonds in the market, particularly for construction contracts. Whilst they aren’t always required, many employers choose to ask for performance bonds in their construction projects. Due to this, there are a number of scenarios when performance bonds are required.…
How Much Are Performance Bonds? If you’re thinking about purchasing performance bonds, there are several cost aspects that you need to know about. This article will help you to understand how the costs are made up, and other factors that may affect the price to contractors. While there is a standard percentage of a contract…
What are performance bonds? | A quick, no-nonsense guide If you are a principal contractor it is likely, given the current economic climate, that you will be asked for a performance bond at some point from a Beneficiary or Housing Association. We recognise performance bond requirements are becoming a lot more common, with many experiencing…
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