Bonding products

A surety bond is trilateral contract among the surety (the insurer), who guarantees the performance or obligations of the principal (client) to a third party (the obligee). Bonding products are used in various situations within procurement tenders (e.g. bid bonds, advance payment bonds, performance bonds, maintenance bonds, etc.), for obtaining licences (e.g. customs bonds…), etc. They are an insurance substitute for banking guarantees.

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