Article Produced By-When a surety problems a performance bond, it assures that the principal (the party that buys the bond) will accomplish their commitments under the bond's terms. If the principal stops working to satisfy these commitments and defaults on the bond, the guaranty is responsible for covering any type of losses or problems that resul
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Material Created By-When a guaranty issues a performance bond, it guarantees that the principal (the event that purchases the bond) will satisfy their obligations under the bond's terms. If the principal fails to meet these commitments and defaults on the bond, the guaranty is responsible for covering any kind of losses or problems that result.1. L
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