Contract Bonds
A contract bond is a guarantee issued by an insurance company in support of an underlying contract. The parties to a contract bond are the contractor, the employer and the guarantor – the insurer.
Development and Roads Service Bonds
This guarantee on behalf of a property developer or house builder provides that they will complete the roads and services as outlined in the planning permission to the required standard and within a defined time-frame to enable them to be taken in charge by the appropriate authority under the relevant Acts.
The bond sum usually represents the authority’s assessment of the cost of constructing the roads and services. The period of the bond covers the construction and maintenance periods until such time as the roads and services have been taken in charge by the local authority.
Article 32 Bonds
This guarantee on behalf of a property developer or house builder provides that they will complete the roads and services as outlined in the planning permission to the required standard and within a defined time-frame to enable them to be adopted by the appropriate authority under the relevant Acts.
The bond sum usually represents the authority’s assessment of the cost of constructing the roads and services. The period of the bond covers the construction and maintenance periods until such time as the roads and services have been taken in charge by the local authority.
Deferred Consideration Bonds
A landowner may be willing to sell land to a house builder or property developer on deferred payment terms. To give the landowner comfort, a deferred consideration bond can be arranged that will guarantee payment of instalments in the event that the house builder or developer defaults.
This method of bonding frees up the financial recourses of the house builder or developer and gives peace of mind to the seller of land.
Customs Trade Bonds
The posting of a customs bond allows you to import and distribute goods prior to payment of customs and excise duty, thereby freeing up your cash flow.
Auctioneers Bonds
In order to practice, auctioneers are required to follow the procedures laid down in the relevant Auctioneers and Agents Acts. HCC International can issue bonds to help auctioneers meet those requirements.