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Performance bond

This type of guarantee is intended to ensure that the buyer receives payment in the event that the vendor fails to fulfil any of their contractual obligations, with regard to form or schedule.

Given that its role is to ensure the interests of the buyer, so that they receive exactly what has been contractually agreed, this type of guarantee can be issued alongside a documentary credit, when the latter ensures payment to vendor.

Its contents can be established either with regard to the delivery of goods according to the agreed terms and conditions; or it can be extended to other factors such as installation or repairs during the warranty period.

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