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Who Issues Performance Bonds? Performance bonds are usually issued by a bank or insurance/surety company as a form of guarantee that contractors will meet their obligations. They are often used in the construction industry as an agreement between a contractor and a beneficiary that the project will be delivered as per the contract. This…
DetailsWhat Is A Surety Bond? A surety bond is a legal agreement involving three parties; the principal (contractor), the employer (obligee), and the surety/guarantor. These bonds can provide financial protection for the employer in the event that the contractual obligations, as detailed in the bond wording and contract, are not fulfilled. This article will tell…
DetailsWhen Can I Release A Performance Bond? A performance bond is released when all the underlying covenants within the bond wording and associated contract are satisfied. This is usually when practical completion (PC) of the contract is achieved, or at the end of the making good of defects (MGOD) period. In this article we will…
DetailsHow Long Does A Performance Bond Last? When taking out a performance bond, many contractors may wonder about their validity period, and when they expire. The duration of a performance bond varies and is greatly dependent on how long it takes the contractor to achieve practical completion or making good of defects. Some performance…
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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 of performance bonds are conditional bonds…
DetailsWhen Are Performance Bonds Required? Performance bonds are one of the most common types of surety bonds in the market, particularly for construction contracts. Whilst they aren’t always required, many employers choose to ask for performance bonds in their construction projects. Due to this, there are a number of scenarios when performance bonds are required.…
DetailsHow Much Are Performance Bonds? If you’re thinking about purchasing performance bonds, there are several cost aspects that you need to know about. This article will help you to understand how the costs are made up, and other factors that may affect the price to contractors. While there is a standard percentage of a contract…
DetailsWhat are performance bonds? | A quick, no-nonsense guide If you are a principal contractor it is likely, given the current economic climate, that you will be asked for a performance bond at some point from a Beneficiary or Housing Association. We recognise performance bond requirements are becoming a lot more common, with many experiencing…
DetailsWe 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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Hayfield, the Solihull-based five-star premium housebuilder, has started work on a new 44-home development in Over, Cambridgeshire. The developer, supported by RM Contractors, has broken ground on Hayfield Lodge, with the seven-acre scheme including a range of EPC A-rated two-bedroom bungalows and two, three, four and five-bedroom houses. 18 of the homes have been designated…
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Crest Nicholson has purchased the Wheatley Campus site from Oxford Brookes University as they look to deliver much-needed high-quality housing to meet local demand. The 53-acre site has outline planning consent for the development of 500 homes, of which 35% will be affordable housing. The development will provide a mixture of two, three, four, and…
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Bargate Homes has opened the doors to its £18.2million St Thomas’ Mead development, located in the scenic suburb of Old Bedhampton, Hampshire. Over 50% of the 50 eco-efficient homes have already sold off-plan. St Thomas’ Mead comprises a collection of two-, three- and four-bedroom houses, as well as a bungalow and chalet bungalows, with designs…
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