Advance payment is a common feature of contracts in a range of industries, especially the construction industry. When this happens, the contract owner would require security that the sum settled in advance will be refunded if the contract or agreement in terms of which the payment was made, cannot be fulfilled. Nordic Guarantee’s Advance Payment Guarantee issued in favour of the contract owner is a popular way of providing this security.
The specific Advance Payment Bond you may require will depend on the industry you are, as well as the nature of the agreement you wish to secure. Unlike usual insurance policies, Advance Payment Bonds are not subject to payment of a First Loss, Excess payment or a Deductible. Advance Payment Bonds relate to specific agreements/ contracts and are invariably only valid for limited periods. Although an Advance Payment Bond is an irrevocable document, there is no requirement to return the original document after the Advance Payment Bond lapses. This is one example how we strive to make your live a little bit easier.
Nordic Guarantee is the obvious choice when you need an Advance Payment Bond
We specialise in providing Bonds- full stop! As a result, we possess the skill-set and specialist expertise to deal with anything relating to Bonds. Furthermore, an Advance Payment Bond provided by Nordic Guarantee afford clients the same protection and security as a Bank Guarantee. Our range of Advance Payment Bond-products are designed to meet the particular standards set in a range of industries. However, should you have a unique requirement, we are willing and able to propose a customised solution to suit your business. Overall, our Advance Payment Bond serves to improve your company’s liquidity without compromising its existing bank credit facilities. Most importantly, we pride ourselves on a straightforward, fast and convenient application process with no hidden setup fees or administration costs.
FastTrack – Control and overview, whenever you require
Our FastTrack online solution allows you to order new bonds, or to review and administer your existing bonds. This service is simple, cost-free and accessible at any time.