What Are Payment and Performance Bonds? Payment Bonds, otherwise known as Advance Payment Bonds, and Performance Bonds are types of financial guarantees that help ensures the contractor or principle fulfills their obligations stated in the contract. They are critical in construction projects because they give project owners and obligees security and financial protection. Both Performance…
What Are the Two Types of Performance Bonds? The two main types of Performance Bonds are On-Demand Performance Bonds and Conditional Performance Bonds. The two Bond types share some similarities, but are also suitable for different uses, making them also different in ways. This blog will give you all the information you need to know…
Construction Payment and Performance Bonds – What Are They and What’s the Difference Between Them? Two of the most common types of Bonds are Construction Payment Bonds and Performance Bonds. They share some similarities, but they also have many differences. This blog will discuss the differences between the two Bond types and when each is…
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