A Performance Bond Agreement is a crucial risk management tool in commercial contracts, particularly common in construction and infrastructure projects. Under English and Welsh law, it provides the principal with financial protection against the contractor's failure to perform their obligations. The document typically specifies the bond amount (usually 10-15% of the contract value), conditions for calling the bond, and the surety's obligations. This type of agreement is essential when significant financial exposure exists or when required by regulatory or contractual obligations.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let ¶¶Òõ¶ÌÊÓƵ's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identifies and defines the Principal (employer), the Contractor, and the Surety/Bond Provider
2. Background: Sets out the context of the underlying contract and need for the performance bond
3. Definitions: Defines key terms used throughout the agreement including 'Bond Amount', 'Underlying Contract', 'Default Event'
4. Bond Guarantee: Core section specifying the guarantee amount and conditions of the bond
5. Obligations of the Surety: Details the specific obligations and responsibilities of the bond provider
6. Conditions for Payment: Specifies circumstances under which the bond can be called upon
7. Duration and Expiry: Defines the term of the bond and conditions for expiry
8. Governing Law and Jurisdiction: Specifies applicable law and courts having jurisdiction
1. Step-in Rights: Rights of the surety to take over the contract - used in complex construction or project finance bonds
2. Multiple Beneficiaries: Provisions for bonds benefiting multiple parties - used when there are multiple employers or the bond is assignable
3. Currency Provisions: Handling of multiple currencies - used in international contracts or where multiple currencies are involved
1. Form of Demand: Template for making a claim under the bond
2. Underlying Contract Details: Summary or extract of the main contract being guaranteed
3. Payment Mechanics: Detailed procedures for claiming and receiving payment
4. Corporate Authorizations: Evidence of authority to enter into the bond
Authors
Relevant legal definitions
Clauses
Relevant Industries
Relevant Teams
Relevant Roles
Find the exact document you need
Rental Guarantee Form
An England & Wales legal document ensuring financial security for landlords through tenant rental guarantees.
find out more
Personal Guarantee Form For Commercial Lease
An England & Wales legal document securing landlord protection through a guarantor for commercial lease agreements.
find out more
Personal Guarantee Agreement
An England & Wales legal document securing creditor rights if the principal debtor defaults on obligations.
find out more
Performance Guarantee Agreement
An England & Wales legal document guaranteeing performance obligations in commercial transactions.
find out more
Performance Bond Agreement
An England & Wales legal document ensuring contractor performance and financial protection in construction projects.
find out more
Payment Guarantee Agreement
An England & Wales legal document ensuring payment obligations are met if the principal debtor defaults.
find out more
Loan Guarantee Agreement
An England & Wales legal document ensuring loan repayment through a guarantor's secondary obligation.
find out more
Limited Guarantee Agreement
An England & Wales legal document capping guarantor liability in commercial transactions for defined obligations.
find out more
Joint Guarantee Agreement
An England & Wales legal document detailing joint guarantors' obligations and enforcement for secured obligations.
find out more
Guaranty Agreement
An England & Wales legal document securing obligations with guarantor support for financial transactions.
find out more
Guarantor Letter For Lease
An England & Wales legal document ensuring lease security through a guarantor's financial commitment.
find out more
Guaranteed Payment Agreement
An England & Wales legal document ensuring payment obligations are met if the primary obligor defaults.
find out more
Guarantee Rental Agreement
An England & Wales legal document ensuring a third party guarantees tenant obligations in rental agreements.
find out more
Guarantee And Collateral Agreement
An England & Wales legal document securing obligations with guarantees and asset-based security in financing transactions.
find out more
Corporate Guarantee Agreement
An England & Wales legal document authorizing third-party management of pension-related matters for compliance and security.
find out more
Continuing Guaranty Agreement
A legal document ensuring a guarantor's commitment to fulfill a debtor's obligations if they default.
find out more
Continuing Guarantee Agreement
An England & Wales legal document authorizing another party to manage and pay bills on one's behalf.
find out more
Commercial Guaranty Agreement
A legal document authorizing passport collection for US visa processing in England & Wales.
find out more
Bank Guarantee Agreement
An England & Wales legal document granting specific parking rights to individuals or entities.
find out more
Authorised Guarantee Agreement
An England & Wales legal document granting temporary property occupation permission for specific purposes.
find out more
Lease Performance Bond
An English law financial guarantee instrument where a guarantor secures a tenant's lease obligations to their landlord.
find out more
Commission Guarantee Agreement
An English law agreement where a guarantor ensures payment of commission obligations to beneficiaries if the principal obligor defaults.
find out more
Consent Letter For Loan Guarantor
A formal document under English law confirming a guarantor's consent and understanding of their obligations in securing a loan.
find out more
Loan Guarantee Form
An English law document where a guarantor promises to fulfill another party's loan obligations if they default.
find out more
Personal Guarantee Promissory Note
A legally binding document under English and Welsh law combining a personal guarantee with a promise to pay, providing security through personal liability.
find out more
Personal Guarantee Letter
A legally binding commitment under English and Welsh law where one party guarantees to fulfill another's financial obligations if they default.
find out more
Loan Guarantor Agreement
An English law agreement where a third party guarantees to repay a loan if the primary borrower defaults.
find out more
Guarantor Lease Agreement
An English and Welsh law agreement where a third party guarantees a tenant's lease obligations.
find out more
³Ò±ð²Ô¾±±ð’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ³Ò±ð²Ô¾±±ð’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)