Performance Guarantees assure that contractual obligations will be met, ensuring satisfactory completion of tasks, services, or deliverables within specified parameters.
Advance Payment Guarantees
Advance Payment Guarantees secure advance payments made by clients, ensuring repayment if the contractor fails to fulfill their obligations as per the contract.
Retention Guarantees:
Retention Guarantees withhold a percentage of contract value until satisfactory project completion, serving as security and incentivizing contractors to fulfill terms.
Letter of Intent
Outlines preliminary agreement terms between parties, expressing intent to enter a formal contract later. It’s non-binding but sets key terms for negotiation.