Define: Performance Bank Guarantee (PBG)
Performance Bank Guarantee (PBG) means a monetary assurance, given by the successful party, ensuring the fulfilment of contract terms
Legal accuracy standard set & glossary spot-checked by Imad Mohammed Nazar , Skadden-trained M&A lawyer, Legal Engineer at GenieAI
Performance Bank Guarantee (PBG) means a monetary assurance, given by the successful party, ensuring the fulfilment of contract terms.
Relevant Circumstances
- When a counterparty requires a bank-backed assurance of performance
- If a tender or contract award is conditional on lodging a PBG
- Where draw-down conditions and release of the guarantee must be defined