Contract performance bonds
Contract performance guarantee at GfK
Definition
Securing of all obligations of the contractor towards the client arising from the concluded contract for work (execution, warranty, overpayments, compensation for damages, etc.).
Target group
Construction companies, building tradesmen, property developers and general contractors, companies in mechanical and plant engineering as well as gardening and landscaping.
Procedure
The contract performance bond is a combination of the performance bond and the guarantee for claims based on defects.
It secures the claims from the beginning of the contract until the limitation of the claims for defects.
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