Performance Bond

Summary

Performance bond is required of a contract (After accepting Bid and awarding of contract) to guarantee the full and the due performance of the contract according to plan and specifications. In case the contractor fails, to perform the contract in accordance with the terms and conditions of the contract, the insurance company will be liable to pay the bond amount to the owner on demand.

  • Risk Covered
    • Failure of Contractor is not at pace or fails, if according to terms & conditions

  • Key Points
    • Performance Bond 10-20% of Total Contract Value

  • Information Required
    • Profile of the Contractor
    • List of contracts completed in Five(05) years
    • Certificate of Engineering Council

Performance Bond

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