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performance security

Performance security is a guaranty by a contractor to the employer to satisfactorily complete the project. the contractor must submit the performance security with 28 days of receiving a letter of acceptance. the amount of performance security will be stated in the tender appendix.

The performance security shall be valid until the project completed and remedies of any defects done. if the performance security has an expiry date and the work didn't complete the contractor shall extend the validity of performance security until the work and remedies of defect completed.
 The employer shall return the performance security within 21 days of producing the performance certificate.


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