What does the project guarantee mean?

Project guarantee refers to the form of guarantee established by the builder to ensure the quality and specifications when completing the project construction. The builder can guarantee the quality and specifications of the project by providing guarantees to the relevant departments of the permanent project. Project guarantee is to protect the legitimate rights and interests of the owner and ensure that the quality and specifications of the project meet the prescribed standards.

According to China's laws and regulations, project guarantee mainly includes five ways: deposit, guarantor, institutional guarantee, government guarantee and other forms of guarantee. Among them, deposit is a common way. After winning the bid, the construction enterprise needs to pay a certain deposit in advance according to the contract to ensure the quality of the project. Guarantor refers to commercial banks, insurance companies, guarantee companies and other institutions. Guarantee agencies usually require the issuance of letters of guarantee, letters of guarantee, etc. As proof of guarantee.

Project guarantee is of great significance for ensuring project quality. In practice, quality problems in engineering construction often bring great trouble to owners and builders. Therefore, through project guarantee, the bad behavior of construction enterprises can be prevented, the risks and losses of owners can be reduced, the default cost of construction enterprises can be reduced, the reputation of construction enterprises can be improved, the healthy development of enterprises can be promoted, and the sustainable development of construction industry can be guaranteed.