Construction Bonds

Although defined as construction bonds these bonds are applicable in Manufacturing, Engineering and Real Estate

Performance Bonds:

Guarantees the successful completion of a project by a contractor under the terms of the contract

Advance Payment Bonds:

Where an advance payment has been made this guarantees the advance payment in the event of contractor default or insolvency

Retention Bonds:

Where the Employer agrees to provide full payment to the contractor in lieu of holding any retentions the employer will want to cover the retention that would have been held with a bond.

Section Bonds:

Typical with housing or property developer, guaranteeing the infrastructure in question is built in line with the code allowing the eventual adoption from the local authority S278 (Road), S38 (Road), S104 (Sewer) S98 (Sewer), S106 (Planning, ensuring local improvements to the benefit of new and existing residents, Schools, Healthcare etc)

Bid Bond

Guarantees that a party taking part in a bid begins/accepts the project should they win it.

Aggregates and Mining

Restoration bonds/Reinstatement bond

A prerequisite of planning permission where a company is extracting raw material from the ground this obligation ensures the land is managed correctly during operation and returned to a pre-determined state once complete.

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