Tag: Enforcement of Bonds
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Performance Bond: An Owner’s Recourse in Contractual Default
The Performance Bond stands as a critical instrument in managing construction and high-stakes contractual risk, serving not merely as supplementary documentation but as a robust guarantee of project completion. It constitutes an agreement wherein a Surety guarantees an Owner (Obligee) that a Contractor (Principal) will faithfully fulfil its contractual obligations. In essence, the bond is…