Get the best price in the market for Retention Bonds from the specialist team with an understanding of the complexities involved: CG Bonds Surety.
Reap the Benefits of Our Retention Bond Specialists
Place your trust in CG Bonds and receive advice from the most knowledgeable surety bond experts.
Other reasons to work with CG Bonds include:
- We can consult and liaise with beneficiaries and contractors on your behalf to confirm and advise on the appropriate bond wording and type of bond required.
- A dedicated client account manager throughout the entire process, offering unparalleled technical advice and support.
- Unmatched expertise. Our company was founded and still is run solely by dedicated surety bond experts. Contact us now to speak with an expert.
- We make applying very easy. We’ve designed a new streamlined bond application form that’s easy to fill in and we’ll help you complete it. Utilise our over-the-phone application completion service today.
- FCA Regulated Specialist. We are authorised and regulated by the Financial Conduct Authority (FCA) no.814847.
Access our new easy-to-fill-out online bond application form here.
How CG Bonds Surety Can Help You With Retention Bonds
CG Bonds Surety is your reliable partner for securing Retention Bonds, providing dedicated assistance and expertise throughout the process. With a client-centric approach, our team offers tailored solutions, leveraging unrivalled technical knowledge in the construction industry.
Backed by an extensive and exclusive underwriting panel and a 100% track record, CG Bonds Surety ensures competitive terms and client satisfaction. Choosing CG Bonds Surety guarantees not only financial expertise but also peace of mind, with a commitment to excellence evident in our industry standing.
How CG Bonds Surety Can Help You With Retention Bonds
CG Bonds Surety is your reliable partner for securing Retention Bonds, providing dedicated assistance and expertise throughout the process. With a client-centric approach, our team offers tailored solutions, leveraging unrivalled technical knowledge in the construction industry.
Backed by an extensive and exclusive underwriting panel and a 100% track record, CG Bonds Surety ensures competitive terms and client satisfaction. Choosing CG Bonds Surety guarantees not only financial expertise but also peace of mind, with a commitment to excellence evident in our industry standing.
How To Secure A Retention Bond
To obtain a Retention Bond from CG Bonds Surety, our dedicated client account management team is here to support you every step of the way. To kick-start the application process, we will ask for the essential information outlined here:
Completed and Signed Application Form
Most Recent Audited Financial Accounts
Copy of Bond Wording (if available)
FAQs
A Retention Bond may be requested by a beneficiary (housing associations/developer) to ensure the principal’s (contractors) work is completed to an acceptable standard. Half of the retention money is released upon completion and certification of the work, and the other half is released at the end of the ‘Defects Liability Period’.
During this period, the principal is liable to remedy any faults in their work, and at the end of this period (which usually lasts between 6-24 months), the other half of the retention money can then be returned to the principal.
Without a Retention Bond, the principal is required to use their cash as the ‘retention money’. This ties up cash flow for a long time and will negatively affect the liquidity of the principal.
Project owners use Retention Bonds to safeguard against financial loss due to incomplete or defective work, promoting timely and quality project delivery. The bond enhances a contractor’s credibility in the bidding process, demonstrating commitment and financial responsibility. In summary, a Retention Bond is a crucial tool for promoting trust, mitigating risks, and fulfilling contractual obligations in the construction industry.
The cost of a Retention Bond depends on factors such as the bond amount, contractor’s financial stability, perceived project risk and bond duration. Contractors with stronger financials, who are perceived as lower risk, may qualify for more favourable rates.
To obtain accurate cost estimates, contractors should engage directly with specialist surety bond brokers who can present your application to the markets.
