Performance Bonds & Contract Performance Bonds
Performance Bonds & Contract Performance Bonds
Applicant/risk
- Construction Companies - Main Contractor/Sub-Contractor
- Service Sector Companies
- Engineering Companies
- Commercial Companies
Beneficiary
- Local Authorities
- Government Bodies
- Commercial Companies
- Main Contractor
A Performance Bond covers the damages suffered by the customer in the event of non-performance of the contract by the Contractor. Performance Bonds may be required for statutory contractual or marketing purposes across a wide range of commercial situations. Performance Bond amounts in the UK are usually 10% and in the Republic of Ireland up to 25%.