If you are looking to produce a Bid Bond or Performance Bond we can help with our specialist Bid Production Services
Quintosys can assist contractors with the production of bonds and guarantees as customers are increasingly seeking protection from losses they may suffer as a result of defective workmanship, delay or the insolvency of the contractor. A bond is normally arranged for an amount that is equivalent to 10% - 20% of the value of the contract. A bond is a form of guarantee where the guarantor undertakes to pay damages should the contractor fail to carry out his obligations. The following are guarantees we can secure for our customers:
* Performance Guarantees
* Advance Guarantees
* Retention Guarantees
We will arrange the bonds and guarantees in the insurance market rather than with a bank as they will normally require collateral which will have the effect of reducing your credit facility.
We are experienced in arranging the following assurances for the clients of contractors and contractors themselves:
- Bid bonds - a confirmation to the client that the contractor intends to comply with the contract they have provided. A bid bond ties the contractor to their bid and prevents unrealistic bids being placed on construction projects. Should the project fail, the client can request compensation according to the terms of the bond.
- Performance bonds - normally used for the construction of property. A performance bond will assure a client that the works will be carried out to pre-agreed plans.
Bonds and guarantees offer clients of construction firms valuable financial protection so they can complete a project in the event of the failure of the insured contractor. Bonds and guarantees are ususally required by government agencies and are essential for a contract to be awarded to the contractor.