Performance Bond | Propertylogy

Performance Bond

By on October 30, 2018

A performance bond is an insurance policy in which the insurer promises to pay for damages or for the completion of construction works if the contractor does not do so.

These bonds are often a requirement for government construction projects as they are answerable to the public should projects be delayed or never come to fruition.

The amount to be repaid depends on the policy limits.

However, don’t get complacent just because there is an insurance policy to protect you.

Support Propertylogy on Patreon

While insurance helps to buffer the economic impact of construction problems, the negative impact on reputation and credibility can be difficult to quantify.

A performance bond should not be confused with a completion bond.

 

Support us on Patreon


You May Also Like...

hair1 eye1 abs1
View the latest and lowest Singapore Home Loan rates
Why friends look forward to your FAILURE
Hiring a competent agent
Best EVER excuses for being late to work

Investors and homeowners receive our newsletters. Subscribe to our list.

Get More Real Estate Knowledge & Insights From Our Newsletters

Enter your email below

Send this to a friend