Construction and Supply Bonds
We have a range of products designed to meet your needs and according to the changing market ask us day after day.
Down Payment Bond
Guarantees that the down payment given to the supplier of goods or services in consideration and on account of the work or service to be rendered, is used, invested, applied, and amortized as agreed between the parties, or returned partially or in full.
Guarantees the true and precise fulfillment of obligations entered into, and compliance with time periods, quantities, and specifications agreed upon. The amount of this bond is usually ten percent of the contract value, but can be up to 100 percent.
Good Quality and Repair of Hidden Defect Bond
Guarantees the Good Quality of goods or services rendered and the repair of hidden defects that might appear and be attributable to the supplier, usually for a 12-month term beginning on the date of delivery of goods or services.
Contingent Labor Liability Bond
Guarantees restitution for damages done due to a condemnatory sentence issued by an authority as a result of the nonfulfillment of obligations on the part of a Supplier of Goods or Services toward his employees.
Conventional Penalty Bond
Guarantees payment of the conventional penalty agreed upon for job desertion, contract cancellation, or lateness with regard to job progress schedule.
The obligation of posting bonds should be established in the clause corresponding to this obligation.