The typical types of contract bonds
are bid, performance, and payment.
UKEF can also provide insurance protection to exporters against the unfair calling of contract bonds
. Overseas investment insurance Overseas investment covers investors against losses on overseas investments arising from political risks.
Market Detail: The ProSure Group's (www.ProSureGroup.com) coverage for construction bonds can include payment and performance bonds, bid bonds, maintenance bonds, supply bonds, subdivision bonds, site improvement bonds, completion bonds, right of way bonds, service contract bonds
, and contractor license bonds.
We've provided PS14 billion of support to UK companies in the last five years, with guarantees to banks providing exporters with contract bonds
and export working capital facilities, and insurance against non-payment.
Alstom's banks want the state to come up with another solution as contract bonds
needed to win new business are running out.
The division is mainly focusing on writing contract bonds
for construction companies seeking to guarantee that a project will be completed.
The French state and Alstom's banks handed the company a 4.7 billion euro (pounds 3.24 billion) package in September to avert collapse, plus 3.5 billion euros (pounds 2.41 billion) in contract bonds
-the financial backing it needed to bid for new orders.
Among the above mentioned surety programs South Coast Surety brought on line are; a number of "alternative bad credit" bonding plans, in house underwriting for commercial and contract bonds
and an Instant Issue California Contractor License Bond application.
The French state and Alstom's banks handed the industrial titan a pounds 3.2 billion package in September that staved off its collapse, plus some pounds 2.4 billion in contract bonds
that allowed it to bid for new business.
By law, for certain sized jobs and as an industry standard, builders are usually contract bonded
, which helps them land largescale projects.
Paribas analyst Mr Darren Shaw said the announcement left unresolved the crucial issue of contract bonds
issued by the construction side of Tarmac's operations and guaranteed by Tarmac plc.