About bonds

About Bonds

A Bond is a promise by one party "the Guarantor" to pay a second party "the Beneficiary" a defined sum arising on the failure of a third party "the Principal" to meet some obligation.

References to Bonds can be found throughout antiquity and they have played an important role in commercial activity for thousands of years.

In Construction bonds are seen as essential tools of Risk Management in all developed economies as they provide the financial security to allow parties to contract with eachother with greater assurance.


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