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Performance Bonds Cover
These bonds are normally issued as a surety for due performance of a contract, such as construction of property, erection of plant and machinery, etc.
Under these bonds, the bond amount is normally stated as a percentage of the contract amount. This amount is normally assumed to be the cost of calling for fresh tenders, including the cost of doing repair work, etc, on any work already done by the contractor, if the contractor fails or defaults on the contract.
Under this type of Bond, if the contractor moves on to the site, but fails to finish the project or abandons it, the bond amount could be called for.