Performance bond clause—construction project


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Construction expert
Precedents

Performance bond clause—construction project


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Construction expert

Precedents
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    1. 1

      The Contractor shall immediately on execution of this Contract procure and deliver to the Employer a performance

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Jurisdiction(s):
United Kingdom
Key definition:
Performance bond definition
What does Performance bond mean?

A performance bond (also called performance guarantee) is a bond issued by a bank whereby the bank assumes the obligations to a buyer or other beneficiary analogous to those assumed by a confirming bank to the seller under a documentary credit.

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