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Construction Contract?

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Fast turnaround Bonds typically from 10% contract value requirements UK construction specialists No obligation quotation
How does</br>it work?

How does
it work?

Employers often ask for Performance Bonds so that they will receive compensation in the event that your company becomes insolvent or simply fails to do the works in accordance with the contract.

These bonds are normally issued for an amount equal to 10% of the contract amount and finish at Practical Completion or End of Maintenance. Performance Bonds help you to win better jobs at better prices.

If you need a Performance Bond please call us now on 01799 512030

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FAQs

What is a Performance Bond?

A Performance Bond is a guarantee, provided by a surety, that compensates your Employer if your company becomes insolvent or fails to carry out the works in accordance with the contract.

How much does a Performance Bond cost?

Cost depends on the bond value, the length of the contract and the financial strength of your business.

How long does it take to arrange?

In most cases we can provide an indication within hours, with the bond issued in a matter of days once the supporting information is in place.

What information do I need to provide?

Typically your latest accounts, the contract value and start date, the bond wording requested by your Employer and the required bond percentage.

What bond value is normally required?

Performance Bonds are normally issued for an amount equal to 10% of the contract value, expiring at Practical Completion or End of Maintenance.

Can new companies obtain a Performance Bond?

Yes. Newly formed companies can often be supported, although underwriters may ask for additional information or security. Talk to us about your circumstances.

What is the difference between a Performance Bond and a Retention Bond?

A Performance Bond guarantees performance of the contract works. A Retention Bond releases the retention monies — normally 5% — that your Employer would otherwise hold.

Why Contractors Choose Bonds Direct

Floor Form Group use Evolution Insurance Group for all our performance bonds. As our companies have expanded into markets in mainland Europe Evolution have been an excellent partner who have met every single requirement that we have had in a timely and efficient manner. They are a great company to work with

Gary McKeown

Floorform (Ireland) Ltd

Total Security Protection Ltd placed its first bond with EvoSurety in 2008 and we have always found them to be very helpful, knowledgeable and responsive to our business requirements. A pleasure to work with.

Richard Langdon

Total Security Protection Ltd

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