A bond to cover the damages and losses suffered by a client in the event of the non-performance by the contractor of its contractual obligations.
Under the highway, water and planning acts, local authorities and other statutory agencies require bonds in connection with agreements under these acts.
Rather than the client withholding monies for the duration of a project and into the maintenance phase, a bond may be provided in lieu of retention thus allowing for the retention monies to be paid to the contractor upon each valuation.
Advance payments are often made under contracts to cover the costs of raw materials or other mobilisation costs, this bond provides the client with security during the mobilisation phrase or before the raw materials have been delivered and invoiced.
We are able to provide a wide range of customs bonds including duty deferment and rural payment agency guarantees
Public sector organisations often outsource works. We can provide bonds to cover the obligations of the contractor under the outsourcing contract.
Bonds may be used to ensure that any contractual obligation is delivered as agreed. We can often replace a letter of credit or other bank guarantee with a surety product thus freeing up bank capacity and often relieving security at a competitive price.
Bonds ranging from the restoration of land following industrial use to the decommissioning of a natural resources extraction site in the future. Due to the fluctuating values it is beneficial to use an annually renewable / short term surety bond to cover these obligations.
Guarantees to cover pension scheme deficits or contractual obligations regarding contributions.