Will - Garantias Contratuais

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Surety Bond- Modalities

» Performance Bond
A Performance Bond is issued by the Surety at the request of the contractor, or "principal". A Performance Bond contract is entered into when signing a new job contract with an owner or general contractor, or "obligee".

The Performance Bond guarantees to the obligee that the job will be completed according to the terms of the contract. The bond provides security to the obligee that, should the principal fail to perform the contract, the surety will either; complete the contract, pay for the cost of completion in excess of the contract price, or pay the bond penalty.

» Payment Bond
A Payment Bond, also known as a Labour & Material Payment Bond, is issued by the surety at the request of the contractor, or "principal", who must provide a Payment Bond when signing a new job contract. This bond provides security to sub-contractors and suppliers, guaranteeing that they will be paid according to the terms agreed upon in their contracts.

Owners request Payment Bonds because subcontractors and suppliers can provide better pricing on contracts with them in place because they eliminate the risk of non-payment.

Guarantees the payment of advances released by the contractor, without the immediate return of goods, services and works. It required the full value of the insurance in advance, leaving the policy when there is an obligation concerning the advance payment is met. This policy normally is not cumulative, because it is made another advance, the former is downloaded and included the new value. Is guaranteed compensation up to the amount stipulated in the policy, as the contract for execution.

» Retention Bond
Usually require the contractors a deduction on each invoice for payment. This type of insurance that replaces guarantee retention, resulting in a greater margin for negotiation and the possibility of making any corrections facilities. Without such insurance, the deductions on the bills would increase the value of the contract.

» Bid Bond
A Bid Bond is purchased when a contractor, or the “principal”, is bidding on a tendered contract.

The Bid Bond prequalifies the principal and provides the necessary security to the owner or general contractor, or “oblige”, guaranteeing that the principal will enter into the contract, if it is awarded.

A Bid Bond guarantees that the “oblige” will be paid the difference between the principal's tender price and the next closest tender price. This action is only triggered should the principal be awarded the contract but fails to enter into the contract, as agreed, with the obligee. The bid bond penalty is generally ten percent of the bidder's tender price. Contractors prefer the use of Bid Bonds because they are a less expensive option and they do not tie up cash or bank credit lines during the bidding process. Owners and general contractors also use Bid Bonds because they establish and confirm that the bidding contractor or supplier has the support of a Surety Company and is qualified to undertake the project.

» Executor Bond
An Executor Bond is a type of surety bond, also known as a Probate Bond / Waiver of Probate Bond, Estate Bond, Administration Bond and Fiduciary Bond.

Executor Bonds are mandated by the court in order to provide assurance that the executor of an estate correctly allocates the assets for an incapacitated or deceased person with whom they have been assigned fiduciary duty.

In other words, Executor Bonds are directed by the court in order to guarantee the honest accounting and faithful performance of duties by a fiduciary or trustee. Executor Bonds provide assurance that the executor of an estate appropriately handles, and distributes, the assets of the disabled or deceased person whom they are duty-bound to act on behalf of.

» Maintenance Bond
Guarantee the compensation until the amount stipulated in the policy, the damage arising from the inadequacy of the quality of work, services rendered or goods delivered the object of the contract, the maximum period of twenty-four months, after delivery or entry into operation.

Maintenance Bonds provide security to the project Owner, “Obligee”, that the Contractor or “Principal” will maintain and repair the project according to the terms of the contract for a specific period of time after its completion.

» Fidelity Bond
Fidelity Bonds provide coverage to bondholders, in the event that losses are incurred as a result of harmful acts undertaken by specific individuals or the fraudulent acts of employees. The guarantee provided by Fidelity Bonds does not carry a deductible, and becomes effective on the first day that the high-risk individual is employed by the company. Fidelity Bonds typically expire after six months, but employers are able to purchase additional coverage at expiration. They are a vehicle for employers to hire, otherwise, unemployable individuals

» Customs Bond
Customs and Excise Bonds are required by the Government  (obligee) from customs brokers, importers, transportation/logistic companies; shippers and others (principals) involved in import/export, transportation and manufacture of goods subject to tariffs, duties and taxes.

In a Customs Bond, the Surety guarantees to the obligee (the Government) that the principal will comply with the Customs and Transportation Act, and remit certain duties and taxes that will become due and payable.

Customs Bonds provide principals with the opportunity for immediate release from customs of their imported goods prior to financial determination and payment of required tariffs, duties and taxes.

Examples of Customs Bonds:

» Customs Brokers License Bond
» Customs Bonded Warehouse Bond
» Bonded carriers (highway, air, freight)
» Customs sufferance -Warehouse bond
» Temporary Importation of Articles Bond
» Release of Goods Bond
» Duty-Free Shop Bond
» Customs Bonded Warehouse Bond

» Propriety Insurance
Ensures completion of the work or the return of assets, ie, ensures the delivery of the unit acquired or the return of benefits paid by the purchaser, when verified the impossibility of completion of work.

» Surety Bond Court
Guarantees the payment of an amount corresponding to the deposit in court that the policyholder needs to do during legal proceedings. This type of surety bond is an alternative to the escrow deposits required in the defense when an executive action.

» Court Bonds
Court bonds are those bonds prescribed by statue and relate to the courts. They are further broken down into judicial bonds and fiduciary bonds. Judicial bonds arise out of litigation and are posted by parties seeking court remedies or defending against legal actions seeking court remedies. Fiduciary, or probate, bonds are filed in probate courts and courts that exercise equitable jurisdiction; they guarantee that persons whom such courts have entrusted with the care of others’ property will perform their specified duties faithfully.

Examples of judicial bonds include appeal bonds, supersedeas bonds, attachment bonds, replevin bonds, injunction bonds, Mechanic's lien bonds, and bail bonds. Examples of fiduciary bonds include administrator, guardian, and trustee bonds.

» Labor Warranty
Ensuring the Insured to the Insured the limit stipulated in the policy, reimbursement of expenses that you will be charged directly or jointly to Borrower resulting from labor actions and the most direct bearing of the sentence, restricted the scope of the relationship of the Borrower with the author / claimant, the employment relationship that features such as mobile fiscal execution / labor during the period in which the author / claimant paid, or is providing services on the premises or in the service of the Insured, this insurance in force.

 

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