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- Performance Bond
Performance Bond Helping you source the most competitive quotes from multiple providers A performance bond is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract. It is also referred to as a contract bond. A performance bond is usually provided by a bank or an insurance company to make sure a contractor completes designated projects. Performance bonds are provided to protect parties from concerns such as contractors being insolvent before finishing the contract. When this happens, the compensation provided for the party that issued the performance bond may be able to overcome financial difficulties and other damages caused by the insolvency of the contractor.
- On Demand Bonds
On Demand Bonds Helping you source the most competitive quotes from multiple providers Bonds can be 'on demand' or 'conditional', with conditional bonds requiring that the client provides evidence that the contractor has not performed their obligations under the contract and that they have suffered a loss as a consequence. With on-demand bonds, the bondsman pays an amount of money set out in the bond immediately on demand in writing without needing to satisfy any preconditions whatsoever (including establishing the contractor’s liability) unless the demand is fraudulent. On-demand bonds tend to be common in international projects but are less normal in the UK were they are generally resisted because of their draconian nature.
- Accessibility | Gurantees and Bonds
Accessibility Making our services available for all our customers Our approach Our aim at Guarantees and Bonds is, and has always been, to provide accessible services for all our customers. We've made some great progress, but we realise there’s still more to do. Our approach to accessibility has evolved into creating innovative services that are accessible by design. We design for difference, and that means designing for everyone, by developing a suite of accessible products and services for all of our customers. To us, it’s not just meeting the needs of disabled customers; everyone can benefit from new ideas and inclusive designs. We know that to become and remain the most accessible insurance broker requires continual improvement. To do this we will: Embed the principles of inclusive design into the way we make changes that affect our customers. We’ll do this through training and standards Influence our suppliers – we only want to work with organisations that share our commitment to inclusion so that we can make an impact Listen to our customers to find out how we can improve what we currently do, and what else we can do to make our services more accessible, easy and convenient We want to create opportunities to rise, and we’ll achieve this by striving to make banking accessible for all. We welcome feedback on how we’re doing on this journey and what more we can do. Our commitment