On-Demand Bond: how it works

By Giuseppe Broccoli on 19 May 2022

One of the most frequent problems in international construction projects (and more generally in international commerce) is represented by the issue of bonds or guarantees that the Employer requests to secure the performance of the contract. The purpose of said bonds (such as the Performance Bond) is to guarantee the Employer that he will recover any loss or damage that it might suffer as a consequence of the breach of the Contractor. 

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Performance bond as on-demand guarantee.

By Giuseppe Broccoli on 18 May 2022

The Performance Bond is an on-demand guarantee (or rather, under Italian Law, it is an ‘autonomous’ and at first demand' guarantee) by virtue of which the beneficiary (as buyer or owner) can obtain a certain amount of money on the basis of a simple request submitted to the guarantor declaring that the other party has breached some of its contractual obligations.

No need for the beneficiary to prove the actual default.

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Mora & Associati won another case for a Performance Bond calling

By Giuseppe Broccoli on 29 May 2020

Mora & Associati, with a team composed of Giuseppe Broccoli and Elisabetta Ventrella, won another Italian legal proceeding for the calling of a USD 6.5 Million Performance Bond issued by an Italian Bank in favor of a foreign Owner in connection with the construction of a mine plant in the Republic of Zambia.

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Giuseppe Broccoli - Thought Leader Construction 2019 - Who's Who Legal

By Mora & Associates on 14 Jan 2020

Mora & Associati is pleased to announce that the Partner Giuseppe Broccoli has been nominated as Thought Leader by Who's Who Legal in the 2019 Construction Directory.

This is a great recognition for our Partner and for the work done by our Firm in several International Construction Projects.

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Conference: Class Action in Italy and the US experience

By Sara Quomori Tanzi on 13 Jun 2019

On 12th June 2019 at the University of Parma, a conference on the 'New Italian Class Action and the Experience in the United States' took place.

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BdaLaw will join Mora & Associati

By Giuseppe Broccoli on 19 Mar 2019

We are pleased to inform all our friends and contacts that from April 1, 2019, BdaLaw will join Mora & Associati, a Law Firm founded by Professor Andrea Mora.

Topics: News
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