Experts within the Bond & Surety Market
Construction Bonds
Performance Bonds
Performance Bonds are issued in the context of a building contract and are designed to cover the additional cost incurred by the Beneficiary in the event of default on the part of the Contractor.
Development Bonds
A Development bond is normally in favour of Local Authorities and Councils to ensure that the Developer has fulfilled its obligations in relation to the construction and maintenance of roads or sewers in accordance with the planning permission.
Advance Payment Bonds
Advance Payment Bonds are essential financial instruments used to protect parties in contracts where an advance payment is made before the delivery of goods or services. These bonds guarantee that the supplier will fulfil their obligations and deliver the contracted items as agreed. If the supplier fails to perform, the bond ensures that the buyer can recover their advance payment. By securing an Advance Payment Bond, businesses can mitigate financial risks and enhance trust in commercial transactions, ensuring that investments are protected throughout the procurement process.
Customs Revenue Bonds
Tax Warehouse Bonds
Customs Tax Warehouse Bonds are secured to obtain Revenue approval to operate the Tax Warehouse. In the event that an operator fails to comply with Revenue guidelines, Revenue can cover any losses incurred on the bond.
Deferred Duty Bonds
Customs Deferred Duty Bonds/Guarantee is provided to Revenue to secure payment of duties by the traders. A deferred payment facility is an authorisation that allows traders to defer payment of duties and taxes, these include customs, VAT at import, excise and pay the charges due by direct debit in the following month.
Comprehensive Guarantee Bonds
A guarantee to cover the amount of import or export duty corresponding to the existing and/or potential customs debt and other charges, if applicable, in connection with two or more operations, declarations or customs procedures.
Transfrontier Shipment of Waste (TFS Bond)
The TFS Bond deals with the movement of waste between countries, within, into and out of the EU, for recovery or disposal operations.