High value construction contracts (when large sums of money are at stake) manifest in high risks for all parties with a financial interest. The consequences of a project not being completed to plan can result in catastrophe for the companies involved.
For this reason, property, construction and engineering companies often need to provide their clients with performance bonds and other third-party guarantees to ensure that contractual obligations are met.
Surety bonds afford protection to project employers against their contractors’ inability to fulfil contractual obligations, the cause of which is usually financial failure or technical problems.
At PIB we work closely with construction contractors and property developers to arrange this alternative to bank facilities.
Key benefits of surety bonds
Being able to offer such bonds and guarantees can be essential when bidding for contracts, as the failure to do so may ultimately lead to exclusion from the tendering process.
- Real alternative to bank bonds & letters of credit
- Enhances contractor liquidity
- Improves ability to respond to more tenders
- Alleviates pressure on bank borrowing
PIB has the experience and expertise to provide a comprehensive broking service to meet your surety bond needs including:
- arranging bond facilities
- ensuring adequate capacity
Get in touch
If you would like to speak with us to find out what PIB can do for you, please get in touch.