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Material Writer-You may not understand that performance bonds and settlement bonds play critical but distinct functions in building and construction jobs. While both kinds of bonds use monetary security, their focus and recipients differ considerably. Comprehending the specific objectives and protection variations between performance and payment bo
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Written By-When a guaranty issues a performance bond, it ensures that the principal (the party that acquires the bond) will certainly satisfy their obligations under the bond's terms. If the primary stops working to meet these obligations and defaults on the bond, the surety is responsible for covering any type of losses or damages that result.1. L
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