Search results
Results from the WOW.Com Content Network
A parent company guarantee (PCG) is a guarantee by a parent company of a contractor’s performance under its contract with its client, where the contractor is a subsidiary of the parent company. [1] It is mandatory for all the companies to mention about the guarantees granted as a note in their accounts because it is a risk for the company.
For example, a contractor may cause a performance bond to be issued in favour of a client for whom the contractor is constructing a building. If the contractor fails to construct the building according to the specifications laid out by the contract (most often due to the bankruptcy of the contractor), the client is guaranteed compensation for ...
An indemnity is distinct from a warranty in that: [8] An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
When it closed its doors, it left some 60 houses in various stages of construction. In one case, according to the Naples Daily News, the company was paid over 75% of the home’s contract price ...
For premium support please call: 800-290-4726 more ways to reach us
The main application is the construction, erection and operation of industrial plants where the number of documents of all engineering disciplines may sum up to some 100,000 documents. During 2024, the new cross-standard ISO / IEC 81355 [ 2 ] will be published and will replace the second edition of IEC 61355-1 published in 2008.