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The placement of bonds and guarantees through the surety market, as alternatives to bank guarantees, can help companies by keeping bank facilities available to meet cash flow requirements.
Bonds and guarantees are written promises to pay for direct loss or damage suffered by a third party as a result of a breach of contract. Many types of bond or guarantee are available for almost any area of risk, subject to underlying security and the risk being acceptable to the guarantor.
They are available on an individual basis however, if bonds need to be placed regularly we can also facilitate this.
We have extensive experience of arranging bonds and guarantees, a selection of the most popular being:
The most common Bond we are asked to place are Performance Bonds, a Performance Bond provides the employer with between 10% and 20% of a contract value in the event of a contractor or supplier failing to perform to the agreed terms. Any company can use Performance Bonds, but are more common in the construction or service industry sectors.
We are able to quote any size of performance bonds with the most competitive terms often without the need for any cash collateral. We can provide Bonds on either standard ABI wording or can have the employers wording agreed if required.
Advanced / Stage Payment Bond
Advance or stage payment bonds provide security for customers by protecting payments in advance of the goods or services being delivered. Designed for all companies of any trading status, particularly those in the construction sector.
Duty Deferment / Custom Bonds
Duty and VAT are payable immediately on import at the UK border. A duty deferment or custom bond gives companies that import goods from outside the EU the flexibility to ease cash flow by deferring payment for a given period. These Bonds cover any company that imports goods.
Road and Sewer Bond
A guarantee, on behalf of a property developer or house builder, to complete the roads and sewers for handover to the appropriate local authority, in line with the relevant Highways or Water Industry Acts. Designed for the Construction industry.
Usually issued in favour of a local authority or the Environment Agency, reinstatement bonds guarantee the restoration of land to agreed standards after quarrying, opencast mining or waste disposal.
Other bonds available include:
- Rent Bonds
- Bid Bonds
- Maintenance Bonds
- Retention Bonds
- Construction Guarantee Bonds
Call now to speak to one of our specialist Bond Brokers – 02476 017646
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