The latest data from the ONS show a 1.2% growth in the construction sector for the last quarter, which helped UK GDP surpass forecasts. The 1.2% increase comes after a smaller growth of 0.3% in the first quarter and was driven by improvements in both new work and repair and maintenance. From April to June,…
The housing minister and MP for Greenwich and Woolwich, Matthew Pennycook, has visited a flagship Lovell and Royal Borough of Greenwich regeneration programme to see the work going on to transform the local area. Pennycook joined cabinet member for planning, estate renewal and development, Cllr Majid Rahman, to look at the transformation of the former…
What is An Advanced Payment Bond? An Advanced Payment Bond is a financial guarantee often used in construction contracts to ensure the contractor fulfils their contractual obligations when receiving advance payments. Issued by a surety company, the bond safeguards the project owner’s financial interests. This blog will discuss everything you need to know about Advanced…
What Is A Surety Bond? A Surety Bond is a legal obligation involving a three-party agreement between; the principal (contractor), the employer (obligee/project owner), and the surety/guarantor. Surety Bonds protect the employer from financial loss in the event of default regarding contractual obligations, as detailed in the bond wording and contract, that are not fulfilled.…
Do Performance Bonds Have An Expiration Date? Performance Bonds typically expire when the period specified in the bond wording comes to an end, or upon practical completion of the works. They can also be valid until any goods with defects are made. How long a Performance Bond lasts is usually based on the wording of…
How is A Performance Bond Calculated? Understanding how Performance Bonds are calculated is crucial for contractors and project owners, as Performance Bonds play a significant role in ensuring project completion and financial security. They offer protection to the project owner or obligee, typically by providing financial compensation in case the contractor or principal fails to…
Do Performance Bonds Cover Warranty? When a contractor takes out a performance bond, they may assume that it covers their warranty, however, that isn’t the case. A performance bond’s primary focus is on performance during the construction phase, it does not inherently cover post-completion warranty obligations unless specified. However, some performance bonds include warranty provisions,…
The Different Types of Performance Bonds There are various types of performance bonds that you need to be aware of as a contractor, and not all of them will be suitable for the project you are completing. That is why knowing the types of performance bonds and their differences is important. The two main types…
We are thrilled to announce that our latest CG Bonds Surety ad in the April Edition of the Housebuilder Media Magazine has now gone live! 👏 Check out our Ad below or follow the link to see us on p38-39 of the magazine:
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