Performance bond
A performance bond guarantees that a contractor, regardless of the business he or she is in, can always fulfil his or her commitment to the purchaser. For example, the performance bond can compensate the purchaser for extra costs, penalties or damages he or she may have incurred as a result of non-delivery. The bond guarantees that the delivery will be completed even should the contractor go bankrupt.
For the construction sector, we have created a special bond, a combination of a performance and a maintenance bond. In Swedish, we call this Byggsäkerhet, meaning Construction Security.
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