Performance Bond is a guarantee given in favour of the principal on behalf of the contractor confirming that the contractor will execute the contract within the terms of the contract and the bond agrees to indemnify the principal in the event of non-performance and/or partial performance by the contractor.
However, the liability of the guarantor, is reduced by the extent of the performance of the contractor.
NB: Bond businesses are strictly on cash and carry bases subject to the fulfillment of certain terms and conditions by the contractor.
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