Nordic Guarantee’s Payment Bond provides security to suppliers of goods or services against the risk of not getting paid by a specific party. This security stays in force even if the buyer/ purchaser is declared insolvent. Payment bonds are especially needed in situations where payment only becomes due after the goods or services have been delivered/ rendered.
The specific 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, Payment Bonds are not subject to payment of a First Loss, Excess payment or a Deductible. Payment Bonds relate to specific agreements/ contracts and are invariably only valid for limited periods. Although a Payment Bond is an irrevocable document, there is no requirement to return the original document after the 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 a 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, a Payment Bond provided by Nordic Guarantee afford clients the same protection and security as a Bank Guarantee. Our range of 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 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.