Types Of Bonds

Types Of Bonds

  • Advance/Stage Payment Bonds
    – A guarantee in favour of a customer to provide security for monies which have been paid in advance of the goods or services being provided.
  • Contract Performance Bonds
    – An Indemnity to an employer against loss or damage in the event of a contractor failing to perform under the terms of the contract.
  • Retention/Maintenance Bonds
    – A Guarantee that the contractor will fulfil it’s maintenance obligations. Normally issued in place of withholding retention monies.
  • Road and Sewer Bonds
    – A Guarantee on behalf of a property developer or house builder that it will complete the roads and sewers to enable them to be adopted by the relevant local authority under the highways or water industry acts.