Provide assurance around contractual performance with a digital performance bond.
A performance bond is a surety bond that guarantees a contractor will complete a project according to the terms of the contract. If the contractor fails to perform their contractual obligations, the surety may compensate the obligee for financial losses or arrange for the completion of the project. Performance bonds are among the most common types of surety bonds in construction and infrastructure projects.
Performance bonds are typically required for construction projects, infrastructure developments, EPC contracts, and any project where the obligee wants assurance that the contractor will fulfill their contractual obligations. They are commonly required by government agencies, project owners, and large private organizations.
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