Bonds
Product Profile - Types of Guarantees and Bonds
Performance Bond
Secures the performance of a contract or contractual obligation. Usually 10% of contract value
Advance Payment Bond
Guarantees to an Employer that in the event of a breach of contract by the Contractor a payment made prior to contract commencement can be recovered under the bond less any amounts certified under the contract
Retention Bond
Allows the Employer to release retained monies held under a contract to the Contractor thus improving the cash flow of the Contractor
Street Works Bond
Guarantees the completion and maintenance of highways (roads and sewers) until adopted for public use by the Local Authority. Typically required from the developers of new estates.
Court Bond
Guarantees required by the Courts against dishonesty (e g an Administration Bond).
