Performance Bond is required by the project owner from the lowest bidder to whom the contract is awarded by the project owner. The purpose of this bond is to guarantee that the contractor will properly execute the project works as per the satisfaction of the project owner and comply with the contractual obligations entered into by the contractor with the project owner for the successful completion of the project works. Performance Bonds are usually issued from the commencement of the project and not on the running projects.
Providing guarantee against non-performance of the awarded project works by the Contractor:If the contractor is unable to perform the project works within the given timelines and as per the contract requirements then the project owner is entitled to extend this guarantee till the satisfactory completion of the project is achieved in accordance with the terms of the contract.
The above is the basic list of requirements and we may ask further information if required.
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