Finishing on time
| bond type | Performance bond |
| purpose | To secure the provisions of agreed systems and services over a set time period |
| bond facility limit |
$50,000,000 |
| contract value | $42,058,000 |
| bond value | 2.5% of contract value |
| bond amount | $1,051,450 |
| bond term | 730 days. Calculated as per day. |
The client was a specialist in energy and transport infrastructure.
They had been awarded a two years contract to provide traffic managements systems with associated services to a large project in a capital city.
The Performance bond could be called upon by the principal in the event the client did not perform their obligations as contracted.
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