Bonds

Thomas Carroll work with specialist surety partners with experience in handling the complex surety requirements of a variety of companies. Our service provides:

 

  • Independent Market review and properly presented applications to underwriters to ensure that you obtain competitive terms and that your facility is arranged through the most appropriate surety company.
  • Ongoing management of your surety facility
  • Expert and impartial knowledge on bond wordings at tender stage. This will reduce the risk of you being committed to a onerous form of bond in the event of your tender being successful

What is it?

  • Advanced Payment Bond: A guarantee in favour of a customer to provide security for monies which have been paid in advance of the goods or services being provided
  • Performance, Construction & Contract Performance Bonds: Covers the damages suffered by the customer in the event of non-performance of the contract by the contractor. Performance Bonds may be required for statutory, contractual or marketing purposes across a wide range of commercial situations
  • Duty Deferment/Customs Bonds: Duty on goods imported from outside the EU are payable immediately upon their arrival into the UK. A Deferment/Customs Bond allows importers the flexibility to defer payment for up to 45 days. This deferment period provides a very real cash flow advantage to these importers
  • Outsourcing Bonds: An Outsourcing Bond is a type of Performance Bond that is issued to a Local Authority or other Public Sector Body against loss or damage in the event of a contractor or supplier failing to perform the terms of an outstanding contract. In the event of failure by the contractor to complete the contract, they are able to redress the loss or damages they have incurred up to the bond amount
  • Pension Bonds: Under the Local Government Pension Scheme requirements, staff transferred from the employment of Local Authorities to private sector companies may choose to continue to belong to the Local Government pension scheme. The Pension Bond protects the local authority from loss in the event that the private sector company defaults in payment of contributions to the pension fund
  • Restoration Bonds: A Restoration Bond guarantees the restoration of land to agreed standards after work such as quarrying, open cast mining or waste disposal has been completed
  • Retention and Maintenance Bonds: A Retention or Maintenance Bond guarantees that the contractor will fulfil its maintenance (or defects liability) obligations. These Retention Bonds are issued in substitution of withholding retention monies
  • Road & Sewer Bonds: Road and Sewer Bonds are required in connection with agreements under the Highways Water and Planning Acts and other statutory  provisions. The bond guarantees the completion of roads and sewers to enable them to be adopted by the relevant Local Authority.
  • Rural Payments Agency Guarantee: Some EU agricultural schemes involve the payment of subsidies to companies. In turn many such schemes require the lodgement of guarantees to ensure compliance with the terms and conditions of such payments

 

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  • About

    Established in 1972, Thomas Carroll is a multi discipline risk consultancy covering business and personal insurance, financial services, health, safety and employment law.
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