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Do Performance Bonds Have An Expiration Date? Performance bonds typically remain valid until the conditions specified in the bond are fulfilled. This is often when the works are completed to the satisfaction of the contract terms or when the defects liability period concludes. However, the exact duration of a performance bond is determined by the…
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,…
There are various types of performance bonds that you need to be aware of as a contractor, and not all of them will be suitable for the project you are completing. That is why knowing the types of performance bonds and their differences is important. The two main types of performance bonds are conditional bonds…
We are thrilled to announce that our latest CG Bonds Surety ad in the April Edition of the Housebuilder Media Magazine has now gone live! 👏 Check out our Ad below or follow the link to see us on p38-39 of the magazine:
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