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Help
If you have any questions, you are always welcome to contact us. We'll get back to you as soon as possible, withing 24 hours on weekdays.
Customer service
All questions about your order, return and delivery must be sent to our customer service team by e-mail at yourstore@yourdomain.com
Sale & Press
If you are interested in selling our products, need more information about our brand or wish to make a collaboration, please contact us at press@yourdomain.com
In construction contracts, a 'performance bond' is a bond taken out by the contractor, for the benefit of and at the request of the employer, in the event of the contractor's default, repudiation or insolvency. There are two types of performance bonds: Conditional bond or default bond, whereby the surety accepts 'joint and several' responsibility for the performance of the contractor's obligations under the contract; and Unconditional bond or ondemand bond, which is a covenant by the surety to indemnify the employer following contractor's default, subject to stated terms and up to a sum commonly 5% of the main contract sum. However, in Malaysia, the question of whether the performance bond in a construction contract is a conditional or an unconditional guarantees is one of the issues relating to performance bond that has been discussed. Thus, in order to determine the types of performance bond applicable in a contract, a thorough understanding of the content of the bond is required. Therefore, the objective of this research is to determine the phrase(s) in the Performance Bond in a construction contract that determine whether the performance bond is a conditional or unconditional.
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