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Understanding Performance Bonds Performance bonds act as financial guarantees in contracts between two or more parties, ensuring that one party (the principal) fulfills its obligations to the other (the obligee). These bonds are often issued by banks or insurance companies. The primary function of a performance bond is to protect
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Introduction to Evergreen Contracts An evergreen contract is a unique type of agreement that automatically renews for another term once its initial duration expires, unless either party chooses to cancel it. The name “evergreen” is derived from the fact that the contract remains active indefinitely, much like an evergreen tree
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