What is Performance Bonds?
A Performance Bond is a surety bond issued by underwriters or lenders to guarantee the completion of a project by a contractor.
- Project Completion: Performance bonds assure the owner of a project that the contractor will complete contracts allocated to them.
- Shield from additional costs: The Performance Bond ensures that the owner of a project does not incur additional costs even if the contractor fails to see out the contract.
Performance Bonds are issued to shield parties from apprehensions such as contractors filing for bankruptcy before seeing out a contract. Should this come to be, the compensation provided for the party that allotted the performance bond may be able to cover financial costs and damages incurred following the insolvency of the contractor.
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- Company Name, Mobile Number and Postal Address
- Procuring Entity’s Name and Address
- Performance Bond Amount
- Award Letter from Employer
- Bank Statements for up to 6 months
- Portfolio of previously completed contracts
- Tender Description
The following information is required: