Commonly, a performance bond is used in the construction industry, although it can be applied to almost any high-value or time-sensitive contract between a customer and you as their supplier. Typically, the financial guarantee will be between 10% and 20% of the total value of the contract.
These surety bonds are used as a fail safe, offering financial guarantees, and are often a mandatory requirement for the awarding of a contract.
Want to talk to us about a performance bond for an upcoming contract? Call The Channel Partnership today on 01275 817320 to discuss your surety bond needs.