Bonds Insurance from AIC
AIC have a huge variety of bonds to meet the demands of even the most complicated of contracts, our surety bond insurance team can be as flexible as you need, working on a contract to contract basis or giving you additional certainty for your contract negotiations.
With liquidity increasingly under pressure, the surety bond insurance that we can arrange for you, underpins your performance.
- Advance payment bond – guarantee that money provided in advance will be utilised in accordance with the contract or provide for reimbursement of the funds should the contractor or supplier fail to fulfil the contract.
- Retention bonds – provided in lieu of a customer withholding payment pending final fulfilment of a contract.
- Bid/tender bonds – provide the employer with the twofold guarantee that the contractor will honour its tender and provide a performance or contract guarantee bond should the bid be the successful one.
- Road/highways act bonds – issued on behalf of developers to guarantee completion of roads and sewers prior to adoption by local authority, these are a statutory requirement under S38 of the Highways Act in England and Wales and S21 of the Highways Act in Scotland.
- Duty deferment/customs bonds – used by importers to defer payment of duty on goods and issued to the benefit of HMRC.
- Rural Payment Agency guarantees – to evidence that the importer has the means to conclude transactions and are not just middlemen, and to act as a penalty if they cannot prove that amounts allocated have actually been purchased.