Most construction contracts contain a clause which require the contractor to pledge collateral with the contract owner as security that the undertaking in terms of the contract will be fulfilled. This collateral would then remain in place during the construction period. Nordic Guarantee’s Combined Construction Bond can serve to replace the security issued in favour of the contract owner.
The specific Performance Bond you may require will depend on the nature of the agreement you wish to secure. Unlike usual insurance policies, Performance Bonds are not subject to payment of a First Loss, Excess payment or a Deductible. Performance Bonds relate to specific agreements/ contracts and are invariably only valid for limited periods. Although a Performance Bond is an irrevocable document, there is no requirement to return the original document after the Performance 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 Performance 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 Performance Bond provided by Nordic Guarantee afford clients the same protection and security as a Bank Guarantee. Our range of Performance 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 Performance 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.
Download our Power App for the construction Industry here.