Bonds issued by the Company “Guarantee that the Principal performs its obligation to the Obligee based on the agreed contract”. They answer for the liability of the Principal (Contractor) to the Obligee (Owner) in case the Principal defaults in his obligation.
The following are construction bonds we offer:
A performance bond is issued to one party of a contract as a guartantee against failure of the other party to meet obligations specified in the contract.
A legally binding contract that ensures obligations will be met between the Principal (whoever needs the bond) and an obligee (the one who require the guarantee).
It is issued as part of a supply bidding process by the contractor to the project owner, to attempt to guarantee that the winning bidder will undertake the contract under the terms at which they bid.
It guarantees for the owner of the project, that the contractor will solve all warranty issue during the warranty period.