Bonds
Benefits for the Contractor
- With a bond facility in place the Contractor can plan workload more efficiently by entering tenders with the confidence the bond can be placed, subject to an acceptable wording.
- Their Bank will often be prepared to issue a bond but will usually include any bond exposure in the overdraft which ties up credit, impacting on the Contractor's cashflow and working capital.
- Their Bank will generally pay a claim on demand rather than establish and ascertain the actual loss. They are able to do this as they are working from a fully secured position and can debit the Contractor's overdraft.
- Norwich Union's strong brand provides an Employer with a significant degree of financial comfort.
If you would like to know more about how we can help or have any opportunities to explore, speak to your Norwich Union Account Manager or contact us directly.
