At CRB we provide a wide variety of bonds and guarantees through our relationships with our Surety Bond Providers.
A Surety Bond is a contract in which the Insurer (the Surety) issues a guarantee to the beneficiary that a third party (the Principal) will meet its contractual obligations.
Types of Bonds and Guarantees
There are many types of Bonds and Guarantees depending on the industry and the obligation. Here are some examples of the bonds and guarantees we can provide:
- Performance Bond: Required to confirm the performance of a service to permit the granting of a contract. It offers security to the party issuing the contract that the contractor is able to fulfil the contract.
- Advance Payment Bond: A guarantee given when money is paid in advance before goods or services are supplied.
- Retention Bond: A guarantee issued to cover moneys that would normally be retained as part of a contract.
- Tender Bond: Gives security to contract issuers against the risk of the successful bidder failing to enter into the contract.
- Duty Bond: A guarantee in favor of Revenue & Customs for the payment of duty and taxes.
- Rent Guarantee: Gives security to the property owner that the tenant can pay their rent.
- VRT Guarantee (AEP): The guarantee required for authorised traders to take advantage of the VRT Deferred Payment Scheme.