Contract Guarantee

A contract guarantee ensures the fulfillment of contractual obligations, covering performance, payment, and other terms agreed upon by the contracting parties.

It secures compliance with specified conditions such as: delivery schedules, payment milestones, quality standards, and legal requirements.

Types of contract guarantees include performance bonds, payment guarantees, and warranty obligations.

Performance bonds ensure the contractor completes the project as per terms. Payment guarantees ensure timely and complete payments to subcontractors. Warranty obligations ensure the quality of delivered goods or services.