Guarantee?

[Numbers]

What does a Performance Bond guarantee?

[Surety Queen]

Originally Posted by Numbers

What does a Performance Bond guarantee?

A Performance Bond guarantees the faithful performance of the contract and payment (payment bond) of materials and labor by the contractor to all subcontractors and material suppliers. The bond is submitted by the winning bidder upon award of the contract. The Performance & Payment Bond are typically issued together, as they are so closely related.
For more information, please visit the following link:
Performance Bonds - Get a free quote now!

[Surety Insider]

This series of articles on the Butler County prison project in Pennsylvania illustrates how performance and payment (P&P) bonds work and what they guarantee:

Work on prison scheduled to begin Oct. 1

Contractor pledges faster work

Prison project may take longer

Financial impact of prison delay grows

Bonding agent for prison project to hire new general contractor

Although some of the terminology is erroneous or imprecise, these articles describe the evolution of a typical performance bond default and the payment bond claims which usually accompany it. If you click through these, you'll get a feel for the purpose of a P&P bond.

Using a real-world example, these articles generally show what is guaranteed by the bonds, and the surety claim process used to see it through.

[Surety Insider]

New contractor named to finish Butler County jail construction

[Admin]

Thanks for the update!

Always interesting to watch these things progress.

[Surety Insider]

Rycon gets notice to proceed on delayed Butler County jail project

[Surety Insider]

This looks like it could be related to what is typically called "subcontractor ratification."

Two contractors leave Butler County jail site

[Admin]

I can't imagine this one ending pretty.