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This area covers formal assurances that a party will meet an obligation, typically in the form of performance bonds, bid bonds, and bank guarantees, used to secure contract performance or advance payment obligations. A solicitor in this field drafts, reviews and negotiates the bond or guarantee terms, liaises with issuing banks, counterparties and contract administrators, and assists with enforcement if the obligation is not met. They may also help recover losses when a guarantee is called and advise on any related contractual remedies and linked security interests.
Bonds and guarantees involve specific terms, conditions and triggers, the interpretation of which can affect contract performance, liability, and recovery of losses. A solicitor handles drafting or reviewing the bond wording, ensures compliance with the relevant contract and governing law, navigates any collateral arrangements, and coordinates with banks or guarantors to confirm enforceability and payment processes.
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