Performance Guarantees are a contractors’ promises to complete the project undertaken by him/her. A performance guarantee involves a legal document that states that the service or the performance of the product would continue for a particular period of time. It is given to the Principal on behalf of the contractor by the bank or an insurance company. In case the contractor is unable to complete the given project as specified in the document, the Principal is guaranteed compensation for any losses which he might occur in due course or at the end of the period. Before signing the performance guarantee, one must read all the terms and conditions mentioned in the documents to avoid any confusion in the future. A performance guarantee can also be given by a third-party subcontractor or a guarantor on behalf of the contractor or subcontractor. In such cases, the guarantee is given by other businesses on behalf of the subcontractor/contractor and the subcontractor himself is not liable for any monetary losses if the project isn't completed.
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