Puerto Rico Performance Bond
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How to fill out Performance Bond?
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FAQ
A payment bond and a performance bond work hand in hand. A payment bond guarantees a party pays all entities, such as subcontractors, suppliers, and laborers, involved in a particular project when the project is completed. A performance bond ensures the completion of a project.
In Puerto Rico, anyone who is arrested for the alleged commission of a felony, or a misdemeanor with the right to a trial by jury, has the constitutional right to post bail to be released from custody until the trial is held and judgment is rendered.
Performance bonds are a subset of contract bonds and guarantee that a contractor will fulfill the terms of the contract. If they fail to do so, the Surety company is responsible for completing the contract obligations, either by securing a new contractor to complete the job or by financial compensation.
Hear this out loud PauseBy 2015, Puerto Rico defaulted on a $58 million bond payment and by January 2016 had defaulted on another $174 million in bond debt. As a result, the value of Puerto Rico's municipal bonds (and any corresponding closed-end bond funds) has fallen dramatically, causing substantial losses for investors.
More than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
Hear this out loud PauseMore than eight years after the Puerto Rico Electric Power Authority stopped paying its bonds and with most other Puerto Rico municipal issuers having since restructured their bonds, eight Puerto Rico bonds continue to pay in full and on time.
Hear this out loud PauseThe crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it could pay its debt. The downgrading, in turn, prevented the government from selling more bonds in the open market.
Hear this out loud PauseAll bonds issued by the Government of Puerto Rico, or by its authority, shall be exempt from taxation by the Government of the United States, or by the Government of Puerto Rico or of any political or municipal subdivision thereof, or by any State, Territory, or possession, or by any county, municipality, or other ...