Defaulting On A Performance Bond Can Have Considerable Economic Consequences.This Can Result In A Series Of Financial Effects, Including:
Short Article Writer-When a surety problems a performance bond, it ensures that the principal (the party who buys the bond) will certainly meet their commitments under the bond's terms. If the principal fails to fulfill these commitments and defaults on the bond, the surety is accountable for covering any losses or damages that result.1. Loss of cr