You may be a contractor requiring a performance bond, a manufacturer receiving a large advanced payment or taking over the pension rights from a local authority. The chances are that you will need to provide some form of guarantee to prove that you will be able to perform or execute the contract correctly.

Surety Bonds are cost-effective solutions to these issues and can enable you to negotiate favourable contractual terms while not tying up your bank or cash facilities.

At Aston Lark, we can find the right Surety partners for our clients. We also provide other bonds such as:

  • Highways, Road and Sewer Bonds
  • Network Rail Bonds 
  • Environment Agency Bonds 
  • Deferred Consideration Bonds 
  • Pension Bonds
  • Bespoke & General Guarantees
What is a Surety Bond?

A Surety Bond provides the back-up guarantee for a contract between two commercial parties. It is often required to help transactions complete and can sometimes be a deal-maker.

Surety Bonds are themselves normally tripartite agreements between the two contracting parties and a third party surety which undertakes to pay a sum of money or be responsible for making good the default to the beneficiary of the Surety Bond. When the party being guaranteed fully performs its contractual obligations, the performance bond naturally expires.

 
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    Types of Surety Bonds

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    Performance Bonds

    Obtaining Performance Bonds and Guarantees from traditional sources is sometimes difficult, time-consuming and frequently uses up working capital. Aston Lark understands these problems and through its knowledge of the providers Surety Bonds and Guarantees makes the issuing of these as simple as possible, without the need to tie up valuable cash resources.

    Retention Bonds

    Many contractors and subcontractors may be unaware of the existence of a Retention Bond.The purpose of a retention is to ensure the contractor properly completes the activities required by them under the contract. As retentions range between 3% and 5% of the contract sum, a simple Retention Bond could assist greatly with the client's cash-flow, which could then be put to other beneficial uses.

    Advanced Payment Guarantees

    In many supply contracts, if an advance payment is being made, the client requires an Advance Payment Guarantee. The provision of this normally results in the supplier being able to have access to the advance cash whereby the advance cash is made available for purchases for the contract without complications.

    Supplier Payment Guarantees

    Obtaining credit from suppliers can be difficult for small and medium-sized companies when economic conditions are challenging. Aston Lark can access a simple method ensuring a smooth source of supplies, even when cash flows are restricted, safeguarding working capital.