A Performance Bond is a guarantee issued by a bank to guarantee satisfactory completion of or performance on a project by a Contractor. A Performance Guarantee makes sure that a product or service will be performed as agreed in a contract and if not a claim can be made against the bond on first demand.
Performance bonds serve as a guarantee that the contractor will finish the project correctly and satisfactorily and the amount that is payable will usually be around 10% of the contract value.Contractors who perform private sector or government work need a performance bond for each project.
A performance guarantee or bond is usually issued after the contracted tender has been awarded and after the bid bond is cancelled.
TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE
LC FEE AND CHARGE UCP 600 TEXT LC DISCOUNT BACK TO BACK LC STANBY LETTER OF CREDIT DOCUMENTARY COLLECTION BILL DISCOUNTING PROMISSORY NOTE DISCOUNTING BID BOND PERFORMANCE BOND ADVANCE PAYMENT BOND MAINTENANCE BOND ALGERIA ANGOLA BENIN BOTSWANA BURKINA FASO BURUNDI CABO VERDE CAMEROON CENTRAL AFRICAN REPUBLIC CHAD COMOROS DRC CONGO REPUBLIC OF THE CONGO IVORY COAST DJIBOUTI EGYPT EQUATORIAL GUINEA ERITREA SWAZILAND ESWATINI ETHIOPA GABON GAMBIA GHANA GUINEA BISSAU KENYA LESOTHO LIBERIA LIBYA MADAGASCAR MALAWI MALI MAURITANIA MAURITIUS MOROCCO MOZAMBIQUE NAMIBIA NIGER RWANDA SAO-TOME AND PRINCIPE SENEGAL SEYCHELLES SIERRA-LEONE SOMALIA SOUTH-AFRICA SOUTH-SUDAN TANZANIA TOGO TUNISIA UGANDA ZAMBIA ZIMBABWE GUINEA CONAKRY SUDAN NIGERIA BLOCKCHAIN TRADE FINANCE