PPT Slide

Performance Bonds

• An insurance policy payable to the customer if the vendor fails to complete the job

• It is the customers right to call the bond

• Once bond is called -
  • Project stops
  • Insurer will send experts to evaluate the project
  • Insurer will likely offer to complete the project or settle
  • If no agreement can be reached the next step is court

• When a bond is called there are no winners