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  1. lindseycom
    lindseycom is offline Junior Member
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    Apr 2006
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    1

    What is a Performance Bond?

    What is a performance bond exactly and how does it work? Does the money come out of my account up front like a bid bond or what? Thanks.
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  2. bondman
    bondman is offline Surety Professional
    Join Date
    Apr 2006
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    35

    Quote Originally Posted by lindseycom
    What is a performance bond exactly and how does it work? Does the money come out of my account up front like a bid bond or what? Thanks.
    A Performance bond in simple terms underwrites your contractual performance. There are different types of performance bond, demand or conditional/default. The security required to issue a performance bond will vary depending on many factors. I suggest you 'Google' a little or read the links on this forum and find out about the different types and then repost if you have specific questions
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  3. Unregistered Guest

    Oil interest

    What if I want a drilling company to have a performance bond to stand behind my investment? I understand they can not nor will they guarantee production. I just want to make sure they will stand up to their work.
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  4. Admin
    Admin is offline Administrator
    Join Date
    Jan 2005
    Posts
    755

    Quote Originally Posted by Unregistered
    What if I want a drilling company to have a performance bond to stand behind my investment?
    Are you looking for the bond to guarantee your profit in the project? If so, bonds do not make financial guarantees such as this. They can only guarantee the performance per the contract of the job.
    Surety Bond Articles
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