Bonds and Guarantees differ from ‘Insurance’ in so far as the underwriter is merely guaranteeing your ability to ‘pay’. In the event of a claim the underwriter will make good your ‘promise to pay’ but they will then seek full reimbursement from you, the Bond or guarantee holder.
We typically offer the following:
- Performance bonds: Normally 10% of the contract price, performance bonds provide for the additional costs to complete a contract if the contractor fails.
- Retention bonds: Provided in lieu of a customer withholding payment pending final fulfilment of a contract.
- Duty and customs bonds: Used by importers to defer payment of duty on goods and issued to the benefit of HMRC.
We are experienced in arranging a variety of bonds to meet the demands of even the most complicated of contracts, our broking team can be as flexible as you need, working on a contract to contract basis or giving you additional certainty for your contract negotiations.