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For example, a small company may use a bank guarantee to reassure a supplier and secure a large order. It assures the supplier that they will be paid, even if the small business experiences financial difficulties.",[],{"_key":1365,"_type":170,"children":1366,"markDefs":1371,"style":1189},"k74",[1367],{"_key":1368,"_type":174,"marks":1369,"text":1370},"k73",[],"Common types of bank guarantees in Singapore",[],{"_key":1373,"_type":170,"children":1374,"markDefs":1379,"style":190},"k77",[1375],{"_key":1376,"_type":174,"marks":1377,"text":1378},"k76",[],"Just as there are many types of business transactions, there are different types of bank guarantees. In Singapore, they are broadly categorised into three types:",[],{"_key":1381,"_type":170,"children":1382,"markDefs":1387,"style":1388},"k80",[1383],{"_key":1384,"_type":174,"marks":1385,"text":1386},"k79",[],"Performance guarantee\u002Fperformance bond",[],"h3",{"_key":1390,"_type":170,"children":1391,"markDefs":1396,"style":190},"k83",[1392],{"_key":1393,"_type":174,"marks":1394,"text":1395},"k82",[],"A performance guarantee (also called a performance bond) ensures that a project or contract is completed in accordance with the agreed terms. If the contractor fails to meet the specified conditions, the guarantee allows the beneficiary to claim compensation from the bank.",[],{"_key":1398,"_type":170,"children":1399,"markDefs":1408,"style":190},"k88",[1400,1404],{"_key":1401,"_type":174,"marks":1402,"text":1403},"k86",[1186],"Example:",{"_key":1405,"_type":174,"marks":1406,"text":1407},"k87",[]," A construction company offers a performance guarantee to a client. 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The LTA requires a bid bond to ensure that, if awarded, the company will proceed with the contract. 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