What are Performance Guarantees?
A Performance Guarantee is a written guarantee issued by a bank or insurance company to a procuring entity on behalf of the winning bidder/contractor. This guarantee ensures successful completion of the awarded project/contract according to the agreed specifications, timeline, and quality standards.
At Blackbow Consult, we facilitate performance guarantees that provide security and confidence to both parties. For project owners, it ensures project completion even if the contractor defaults. For contractors, it demonstrates commitment and enables access to larger projects.
Our performance guarantees typically range from 5-10% of the contract value and remain valid throughout the project duration plus warranty period, ensuring complete protection for all stakeholders.
Benefits of Performance Guarantees
Secure your projects with performance guarantees that provide confidence and protection for successful project completion.
Client Confidence
Provide assurance to project owners of successful completion.
Project Security
Protect against contractor default and ensure project completion.
Professional Credibility
Demonstrate commitment and financial backing to clients.
Risk Management
Professional risk assessment and mitigation strategies.
