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Understanding Performance Bonds and Payment Bonds

Performance bonds and payment bonds are crucial components of the construction industry, serving as financial guarantees that projects will be completed as agreed and that subcontractors and suppliers will be paid. A performance bond ensures that a contractor will perform according to the terms of the contract, while a payment bond guarantees that all parties involved in the project will be compensated for their work and materials. These bonds protect project owners and stakeholders from financial loss due to contractor default or non-payment issues.