A bank guarantee issued to the beneficiary to ensure the performance of the bidder is a Performance Bond. Once a contract is awarded to a bidder, s/he has to perform the specified job as per the terms and conditions mentioned by the beneficiary in the contract. To be assured of the bidder's performance, the beneficiary requires a bank guarantee from the bidder. If the bidder fails to perform as per the terms and conditions of the contract, the beneficiary can invoke the guarantee and claim the stated amount from the guarantee-issuing bank.
We issue Performance Bond at a competitive rate.