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.