template

Performance Bond (On Demand)

by
Genie Team
Genie Team
Sep, 28 2022

When to use this template

A performance bond that does not have a set expiration date and can be requested by the party to whom the bond is owed.

Key issues covered in this template

  • Assignment of benefit
  • Contractor's failure
  • Expiry date
  • Failure to pay
  • Governing law
  • ICC Uniform Rules
  • On demand bond
  • Payment guarantee
  • Settlement of disputes
  • Third-party rights
  • N/A

What to watch out for

  • An on demand performance bond is a type of performance guarantee that typically involves an independent payment obligation

  • It is typically issued in letter form by a bank

  • When issuing this type of bond, you should be aware of the potential risks involved

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Used by

Author

Genie Team

Genie Team

@genieteam
Genie AI

The Genie Team consists of lawyers and paralegals. Our aim is to open source the law and provide high quality, regularly reviewed legal documents.

Additional information

Business categories

Business activities

Relevant sectors

Other

Relevant company sizes

1 - 3

4 - 19

20 - 49

50 - 249

250 - 999

1000 +

Governing law

England and Wales

Language

English UK

Gender neutral

Yes