A performance bond, also known as a surety bond or a performance guarantee, is a financial instrument issued by a bank or an insurance company on behalf of a contractor. It guarantees that the contractor will fulfill their contractual obligations according to the agreed terms and conditions. This article provides a comparison between the English and Chinese versions of a typical performance bond.
English: The performance bond is entered into between the Employer (or Beneficiary), the Contractor (or Principal), and the Surety.
Chinese: 履约保函由雇主（或受益人）、承包商（或委托人）和担保人共同签署。
English: The Contractor undertakes to complete and deliver the contracted work in accordance with the specifications, within the stipulated time frame, and to the satisfaction of the Employer.
Chinese: 承包商保证按照规格要求完成合同工程，并在规定的时间内交付，使雇主满意。
English: The Surety guarantees the due performance of the Contractor's obligations under the contract.
Chinese: 担保人保证承包商按照合同履行其责任。
English: The total liability of the Surety under the performance bond is limited to a specified amount.
Chinese: 担保人在履约保函下的责任总额限定为特定金额。
English: In case of the Contractor's material breach or default, the Employer must notify the Surety in writing within a specified timeframe, providing details of the claim.
Chinese: 如果承包商发生重大违约行为，雇主必须在规定时间内以书面形式通知担保人，并提供索赔细节。
English: The performance bond will be released upon the satisfactory completion of the contracted work and after the expiration of any applicable warranty period.
Chinese: 在合同工程的满意完成和适用的质保期过后，履约保函将会被解除。
In conclusion, a performance bond is an essential tool to ensure that contractors fulfill their contractual obligations. The English and Chinese versions of a performance bond generally have the same fundamental components, offering similar protections for all parties involved.
