Performance bonds :
When a contract has been awarded, a performance bond is usually required, which guarantees the performance under the contract from commencement to completion. The bank issuing the performance bond undertakes to pay a specified sum of money to the beneficiary if the applicant does not fulfil the contractual obligations.
Depending on the nature of the contract, it may be to the applicant’s advantage to have separate performance bonds for each stage of the contract. The validity period extends to the
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