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Advance Payment Bonds
Guarantees to an employer that in the event a contract is unfinished any payment made in advance of completion can be recovered under the bond.
Guarantees to the Court that a Bailiff appointed by them carries out his duties under the Distress of Rent Rules and Council Tax regulations. Normally a bond of £10,000 is required.
These guarantee that if a contractor makes the lowest tender for a contract which is accepted by the employer, and the contractor pulls out, the Surety will pay the difference between the original tender price and the next highest price.
Carnets are international customs documents issued by Chambers of Commerce that enable the temporary importation of specified goods free of customs duty, taxes. e.g. exhibition samples, concert and sporting equipment.
Guarantees required by the Courts to provide a guarantee against dishonesty. E.g. receivers appointed by the Court of Protection / Public Guardianship Office.
Duty Deferment Bonds
If you are importing goods into the UK, you may have to pay H M Customs & Excise Duty and VAT at the point of entry. However, you are unlikely to have received payment from your customers at this point, thereby creating potential cash flow issues.
These guarantees cover the payment of Duty & VAT due to H M Customs & Excise which provides them with protection against payment default or company insolvency. The Duty Deferment Guarantee allows for payment of Duty and VAT to be deferred for up to 45 days, which will take you closer to the time when you can expect to be paid by your customers. This is possible because the guarantee protects the interests of H M Customs & Excise for outstanding Duty and VAT in the event of default or your insolvency.
Environment Agency Bonds
Waste Management Bonds, which require compulsory renewal every 3 years. Can only come off risk when released or by full payment of amount guaranteed.
Guarantees of financial payment requiring the Surety to provide payment of monies in the event that the principal fails to do so.
Insolvency Practitioners (IP) Bonds
Before he / she can be appointed to manage any insolvency, an IP is required to have a licence bond that effectively represents a facility. A specific bond is required for each appointment. The maximum potential exposure is £25m.
Intervention Board Bonds
Bonds to ensure that subsidised meats or other agricultural produce is exported to non EU countries after processing.
Land Purchase Guarantees
Guarantees in respect of the payment of deferred consideration for the purchase of land.
Payment required where demand is made without ascertained or established damages and/or breach of contract. (These tend to be offered by banks as surety and insurers will generally be cautious about unconditional bonds).
A bond to secure the performance of any contract or contractual obligation. Usually 10% of contract value.
Guarantees of restoration of landscapes following the extraction of minerals.
Bonds allowing the employer to release retained monies held under a contract to the contractor thus improving the cash flow of the contractor.
Street Work Bonds
Guarantee the completion and maintenance of highways until adopted by the Local Authority. Typically required from the developers of new estates.
Required by some travel agents as a prerequisite to joining ABTA, ATOL or CPT. Covers the cost of the travel agents obligations to holidaymakers in the event of insolvency.
Guarantee covering a warranty. In the context of the construction industry – NHBC.