| Nowadays performance security mechanism has been well used as the method to avoid the construction risk all over the world, especially in the developed countries. The performance security mechanism was established in the United States, which has been developed for a hundred year.With the globalization of construction field, performance security mechanism has developed a lot in China recently. The research and application of performance security has also made certain achievements, which is significant to make domestic construction market standardization, reduce investment risk and develop the international construction market.This thesis sorts the literature related with performance security, analyzes the development achievement of Chinese performance security and features of current domestic performance security. On the basis of researching the theory of performance bond, performance guarantee, advance payment bond and retention money, summarizing the performance security implementation in the United States, UK, Australia, Singapore and Hongkong, it mainly focus on analysis of performance security system on a specific project, and proposed certain suggestion.The essential part of this thesis is the comparison of performance bond and performance guarantee, which has been adopted by the specific project, and get the conclusion that even though the purpose of performance bond and performance guarantee is same, the operation procedure is tremendously different. By analyzing the strategy of contractor's choice, and listing the outstanding issues of performance security, the improvement methods have been proposed.The last part of this thesis emphasized that in order to ensure the contractor's performance strictly follow the contract requirements, the employer can not only relay on performance security. The other methods also need to be considered, such as contractor's evaluation during tendering stage, editing of contract terms, management of contractor's on-site performance etc. |
PDF Full Text Request