contract guarantee insurance

Related Overviews


More Like This

Show all results sharing this subject:

  • Financial Institutions and Services


Quick Reference

An insurance policy designed to guarantee the financial solvency of a contractor during the performance of a contract. If the contractor becomes financially insolvent and cannot complete the work the insurer makes a payment equivalent to the contract price, which enables another contractor to be paid to complete the work. See also credit insurance.

Subjects: Financial Institutions and Services.

Reference entries