Defaulting On A Performance Bond Can Have Considerable Monetary Consequences.This Can Lead To A Series Of Economic Effects, Consisting Of:
Web Content By-When a surety concerns a performance bond, it assures that the principal (the party who purchases the bond) will satisfy their obligations under the bond's terms. If the major stops working to meet these obligations and defaults on the bond, the surety is responsible for covering any losses or problems that result.1. Loss of reputati