Certain contracts require the contracting party to purchase a Bond in favour of the project owner or authority. The Bond provides financial protection to the project owner or authority against any loss from a breach of contract or default by the contracting party under the arrangement.
BBi can provide a complete solution for all your Bond and Guarantee requirements. Whilst Bonds are often required in the construction sector, other sectors such as engineering, waste companies, importing, manufacturers, brewing, beverages and outsourcing companies may also need Bonds for specific contracts.
The ability to provide such Bonds can be a critical differentiator when bidding for contracts, and failure to provide a Bond can lead to disqualification from the tender process.
Whilst Banks can provide Bonds of this nature, going through them may restrict your banking facility or working capital. The advantage of a Bond is that it is treated as a contingent liability rather than a bad debt, which effectively means it, is 'off balance sheet'.
We have developed good relationships with the leading global surety providers and also have access to a number of exclusive facilities, which enables us to source and develop surety solutions for you whilst aiming to deliver very competitive terms.