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It has become common practice for a client in the UK construction industry to require its contractor to provide security. Performance Bonds and Parent Company Guarantees are two forms of contract to handle this requirement.
In a High Court case earlier this year, a sports club was taken to court by the OFT (Office of Fair Trading) and the judge held that certain terms were unfair. These included: • Terms
Contractors tend to be wary of ‘on demand’ performance bonds as there is usually no protection against the bond being called unfairly. The courts have generally refused to prevent a bond from being called except