/news/2011/05/05/why-green-performance-bonds-will-become-increasingly-important-2/ Building and Construction News in Portland, Oregon and the Pacific Northwest Sun, 26 Feb 2012 03:43:36 +0000 hourly 1 https://wordpress.org/?v=6.6.6 /news/2011/05/05/why-green-performance-bonds-will-become-increasingly-important-2/#comment-99727 Sun, 26 Feb 2012 03:43:36 +0000 /?p=71426#comment-99727 Performance Bonds guarantee that the principal will perform all work for the obligee as stated in the contract. This type of bond must be submitted to an obligee by the principal with the winning bid once they have been awarded the contract. More often than not, performance bonds are issued to an obligee along with a “Payment Bond” (labor and materials), which is where the term “Performance and Payment Bond” comes from.

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