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Material Author-You might not recognize that efficiency bonds and payment bonds play important but distinct functions in building and construction projects. While both types of bonds use economic safety and security, their focus and beneficiaries differ dramatically. Understanding the specific functions and coverage variations in between efficiency
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Authored By-When a surety problems a performance bond, it assures that the principal (the event that acquires the bond) will meet their obligations under the bond's terms. If the primary falls short to fulfill these obligations and defaults on the bond, the guaranty is accountable for covering any type of losses or problems that result.1. small bu
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