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Writer-When a surety issues a performance bond, it ensures that the principal (the party who buys the bond) will fulfill their commitments under the bond's terms. If the principal fails to satisfy these commitments and defaults on the bond, the guaranty is accountable for covering any kind of losses or problems that result.1. Loss of track record:
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Team Author-When a guaranty concerns an efficiency bond, it guarantees that the principal (the party that purchases the bond) will fulfill their obligations under the bond's terms. If the principal falls short to fulfill these obligations and defaults on the bond, the guaranty is responsible for covering any kind of losses or problems that result.1
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