A Performance Bond provides financial assurance to the beneficiary that contractual obligations will be completed as agreed.
A Performance Bond is a financial instrument issued by a bank or financial institution that guarantees the satisfactory completion of contractual obligations by the applicant. It protects the beneficiary against losses if the contractor or supplier fails to perform as per the agreed terms.
Performance Bonds are commonly used in trade contracts, infrastructure projects, construction agreements, and large commercial transactions.
Construction and infrastructure projects
Government and private tenders
Supply and service contracts
Project-based commercial contracts
