Offshore Construction Law and Practice

Page 365


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

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, click Log In button.

Copyright © 2024 Maritime Insights & Intelligence Limited. Maritime Insights & Intelligence Limited is registered in England and Wales with company number 13831625 and address 5th Floor, 10 St Bride Street, London, EC4A 4AD, United Kingdom. Lloyd's List Intelligence is a trading name of Maritime Insights & Intelligence Limited.

Lloyd's is the registered trademark of the Society Incorporated by the Lloyd's Act 1871 by the name of Lloyd's.