Performance Bonds in the United Kingdom

Nationwide Sureties are the leading provider of Performance Bonds in the United Kingdom. We source only the best and most highly competitive quotations from multiple providers specific to your project. Ensuring the best possible costs and terms for you. What is a Performance Bond? A Construction Performance Bond is a guarantee, typically with a value of 10% of the contract price (though this may vary in some cases). It is designed to offer protection to the employer/ beneficiary against any losses and/or damages sustained as a result of the contractor failing to perform its contractual obligations. How do Performance Bonds work? A Construction Performance Bond is a tripartite agreement and is designed to offer some protection to the beneficiary in cases were the contractor fails to perform the contract. The reasons for such failure could be insolvency, default or any other actions as defined in the contract or bond wording. In the case of a dispute, the first action would be for the contractor/sub-contractor to remedy the issue, if that fails and a call is made on the bond the surety will investigate the matter, if the claim is valid the damages would be established and ascertained in accordance with the contract.

For more information on Performance Bonds in the United Kingdom talk to Nationwide Sureties