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Service ( utility ) Providers
Performance Bonds
Performance bonds guarantee that the Bonded Principal will undertake and fulfil their contractual obligations agreed with the Beneficiary. In the event of contractual default (usually via insolvency of the Principal), the Beneficiary will hold security in the form of the bond which will reimburse and pay out losses and damages up to the maximum bond amount.
Who are they for? Main Contractors, Sub-Contractors, Service Providers.
Energy Bonds
The developer of an energy asset may be required to provide a Grid Connection bond in favour of the National Grid which guarantees the returning of the infrastructure to the correct condition post-connection of the asset to the grid. These bonds can also relate to guaranteeing the cost of installing and maintaining the connection of the assets should the Developer default.
Who are they for? Commercial and residential property developers.