Performance bond meaning also implies third-party assurance, typically from a surety company or bank with underwriting expertise.
The bond ensures financial recourse if Chicago Heights installation regulations are breached by a contractor.
A performance bond can be called when the contractor materially breaches, enabling owners to invoke surety remedies to finish the job.
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Performance bond meaning includes limits: they do not cover all losses, only up to the penal sum defined in the bond.
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