Bonds are designed to provide protection and security to employers / third parties against loss or damage suffered primarily from a breach and / or non-performance of a contract.
Types of Bonds Available:
Advanced Payment Bonds
A bond that guarantees to an employer an upfront payment to a contractor for goods and / or services.
Bid / Tender Bonds
A bond that is submitted during a bid / tender process to demonstrate to an employer that the contractor has the ability to commence with a contract, if awarded.
Duty Deferment / VAT Guarantees
A guarantee in favour of HMRC to allow deferred payment of duty or VAT on goods imported in to the UK from outside the EU.
Retention Bonds
A bond that guarantees to an employer monies paid to a contractor, which would otherwise have been held by way of retention.