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Retention Bonds

Inspire Insurance Services are a Leading Provider of Surety Bonds throughout the UK & Ireland.

We are able to source highly competitive quotations from multiple providers ensuring our clients receive the best possible terms. We are the only broker with access to over 20 markets ensuring we offer the best possible solution to your needs.

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In certain contracts the employer may request that they hold up to 5% of the contract value (a retention) for a period of up to 12 months. You will then have to wait for the funds to be returned at the end of the making good of defect period, this can affect your cash-flow, however we can offer an alternative solution.

A retention bond will provide the employer with the same level of comfort as the retention, but freeing up the money and returning the money to your account.

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.

Call now to speak to one of our specialist Bond Brokers – 02476 017646

Other Bonds Commonly Requested include;

Performance Bond

The most common Bond we are asked to place are Performance Bonds, a Performance Bond provides the employer with between 5% and 20% (most commonly 10%) 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.

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.

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.

Reinstatement Bond

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
  • Construction Guarantee Bonds

Call now to speak to one of our specialist Bond Brokers – 02476 017646

 

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