Will - Garantias Contratuais

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What is Surety Bond

Seguro Garantia

A surety bond is a promise to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.

It is requested by assembly plants at the moment of signing supply contracts.

The Insurance Guarantee is a relationship between three parties:

» Insured Person
The Insured Person or Contractor is that person who is contracting an obligation of construction, goods supply or service rendering. The Insured Person is the policy beneficiary issued by the Insurance Company.

»Policy Holder
The Policy Holder or Contracted is that person who is assuming together with the Insured Person the obligations to construct, supply goods or rendering services. Between the Insured Person and the Policy Holder a Main Contract exists which defines the public or private obligations guaranteed by the insurance policy.

» Insurance Company
An Insurance Company is the one who will guarante the Insured Person that the obligations assumed by the Policy Holder will be fulfilled in the agreed form. The Policy Holder and the Insurance Company sign a third contract, known as Counter-Warranty Contract which establishes the relationships between the Insurance Company and the Policy Holder.

 

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Will - Contractual Guarantees

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