Do Performance Bonds Have An Expiration Date? Performance Bonds typically expire when the period specified in the bond wording 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 of…
How is A Performance Bond Calculated? Understanding how Performance Bonds are calculated is crucial for contractors and project owners, as Performance Bonds play a significant role in ensuring project completion and financial security. They offer protection to the project owner or obligee, typically by providing financial compensation in case the contractor or principal fails to…
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 bond’s 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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