For corporate customers who have, or would like to have, an appropriate facility with us, we are able to issue a range of guarantees including Tender, Advance Payment and Performance Guarantees.
Tender Guarantee/Bid Bond
Indicates to your buyer that you’re a serious bidder for a contract and is often required when a seller submits a tender.
Guarantees a penalty sum payment in the event of a buyer claim when terms of the contract have not been fulfilled. This type of guarantee is often required whilst a Tender Guarantee is still in place, and may be issued in addition to an Advance Payment or Retention Guarantee.
Advance Payment Guarantees
Guarantees repayment of any funds your buyer has advanced to you in the event of default under the contract. This is normally between 10% and 20% of the contract price.