🥇 Performance guarantee
A performance guarantee is a legal document that outlines the terms of a contract between two parties. The guarantee outlines the expectations of each party and what will happen if those expectations are not met. This type of guarantee is often used in construction contracts to ensure that the work is completed to the specifications laid out in the contract.
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Guarantee a party's performance
A performance guarantee is a type of surety bond that protects the owner from financial loss if the contractor does not complete the work.
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