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Construction Bonds
Guarantees issued by a surety company to ensure that a contractor will meet the obligations established in a construction contract. These bonds protect the project owner against potential non-performance during public or private infrastructure projects.
What does this policy cover?
Guarantees performance of the contract according to agreed time, scope and quality.
Secures the proper use of advance payments made to the contractor.
Covers certain latent defects or issues appearing after completion.
Supports the validity of bids submitted in tender processes.
Common construction bonds:
Bid bond: supports the seriousness of a bid submitted in a tender.
Performance bond: guarantees that the contractor will complete the work as agreed.
Advance payment bond: guarantees proper use of funds paid before work begins.
Maintenance / latent defects bond: covers certain defects that may arise after project completion.
Who is it for?
General contractors and subcontractors
Construction companies
Suppliers of materials or specialized services
Real-estate developers
Public or private institutions
Engineers, architects and construction managers
What does this policy cover?
Greater legal and financial security.
Protection against non-performance or delays.
Greater confidence in project execution.