Construction bonds protect an employer against any losses and/or damages sustained by them as a result of a contractor failing to perform in accordance with the terms and conditions of the written contract. They may be provided by either a bank or an insurance company.
Why not rely on my bank?
In challenging economic times banks often prove more cautious when establishing or reviewing facilities for their Clients. How do you know that their charge for a particular bond is reasonable? What impact will the provision of that bond have on your remaining facilities?
The insurance market offers straightforward, flexible and competitively priced products with minimal administration. An insurance-backed solution may free up lines of credit with your bank, improving your cash flow and your ability to manage the contract.
Why use Bridge Credit Risk?
Bridge is an independent specialist in this area and maintains good relationships with a number of surety providers. Our highly experience team will strive to:
Bridge’s Client base ranges from small, owner-managed businesses to large international companies. In addition to performance bonds we can provide quotations for bid bonds, retention bonds, Section 38/104 bonds and advance payment guarantees.
For further advice on how we can assist please contact:
Steve Howells, Head of Credit steve.howells@bridgeinsurance.co.uk