Association of British Insurers’ Model Form
While there is no industry standard form for performance bonds, one in common circulation and widely used is the Association of British Insurers’ Model Form.
Advice should be sought on its use however, as it requires additional drafting to provide the level of protection an employer may require. In its standard form, it does not provide for a call to be made in the event of insolvency which is covered by a contractual provision in the underlying contract.
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