Contract Performance Bonds
An indemnity, usually between 10 and 20% of contract value, to an employer against loss or damage in the event of a contractor or supplier failing to perform the terms of the contract. Specific one-off requirements can also be underwritten.
Sector
Construction industry and service industry.
Criteria
- Applications should be submitted well in advance of the required date of issue.
- Established companies with a three year track record who can demonstrate appropriate financial resources and management expertise to undertake their contractual obligations.
- Consideration given to MBOs.
- Services can be provided on an ongoing facility basis or for a specific contract
- Open to intermediaries
- Commission variable
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