Nope. That is why we have the rule of law and Bank guarantees which the contractor is supposed to submit. In case of failure to deliver, the bank guarantee is en-cashed by the buyer. The usual value of the Bank Guarantee is usually 10% of the contact.
Also payment is done AFTER the work is done and certified by the buyer.
So there is no scenario where the contractor can cheat on the contract.
As I said, this is not china. This is India. Welcome to India.
So if there is any short fall in work or quality, the ONLY loss will be by the Chinese company.