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CHAPTER 16 Financial guarantees

Offshore Construction Law and Practice


Page 365

CHAPTER 16

Financial guarantees

A Introduction

16.1 Financial guarantees are a standard and important requirement in offshore construction projects. They protect the parties from non-performance of the contractual obligations by the other party. They fall broadly into two categories: (1) A guarantee of payment obligations; and (2) a guarantee of contractual performance.1

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