Contract Securitization: Bank Guarantee for Performance

This Skill Bit delves into Bank Guarantees, commonly known as Performance Bonds, which serve as vital financial tools in the construction and contracting sectors. These guarantees assure project owners that a contractor or supplier will meet their contractual obligations, ensuring the project is completed successfully. The course covers the fundamentals of how Performance Bonds work, the roles of banks and sureties, the claims process, and their importance in mitigating project risks, offering project owners essential security and confidence in contract execution.

Duration approx. 4 Min.

Tier: proficiency

A part of Building an Effective Procurement Management Plan course.