It is always a pleasure working with you and the team at Bonds Direct. Where others falter, you find a successful solution. We look forward to a long continued relationship.
Sean Milbank
Milbank Concrete Products Ltd
An Advance Payment Bond may be required by your Employer if you have asked for an advance payment under the Contract in respect of any materials or goods that are required to be pre-ordered.
By us providing your Employer with an Advance Payment Bond they receive comfort from knowing that they will be able to reclaim the advance payment monies should you not be able to deliver on the Contract or repay the Employer in the event that something goes wrong.
An Advance Payment Bond is a guarantee, provided by a surety, that reimburses your Employer if an advance payment they have made cannot be recovered — for example if you are unable to deliver the contract or repay the advance.
When you ask for payment in advance under a contract, often to fund the pre-ordering of materials or goods with long lead times. The Employer takes the bond as security for that advance.
Normally an amount equal to the advance payment. Many are issued on a reducing basis, so the bonded amount falls as the advance is recovered through the works.
Until the advance payment has been fully recovered or repaid — typically as the works progress and the advance is offset against valuations.
Cost depends on the bond value, the length of the contract and the financial strength of your business.
Typically your latest accounts, the contract details and advance payment amount, and the bond wording requested by your Employer.
In most cases we can provide an indication quickly, with the bond issued in a matter of days once the supporting information is in place.
It is always a pleasure working with you and the team at Bonds Direct. Where others falter, you find a successful solution. We look forward to a long continued relationship.
Sean Milbank
Milbank Concrete Products Ltd
Over the last few years, we always call evosurety if we need a Bond. The friendly team are always on hand to assist and work together through every stage to meet our direct Bonding requirements efficiently.
Ben Clark
Lucy & Co (UK) Limited
Call a bond specialist on 01799 512 030
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