Details.
A surety bond arranged for contractors and project owners when construction materials are paid for in advance but stored away from the construction site. It provides financial protection if a supplier becomes insolvent, fails to deliver or breaches the contract, subject to the bond terms. Commonly used for high-value or bespoke materials, including precast concrete components, modular building systems, structural steel, mechanical and electrical equipment, and long-lead materials. CG Bonds Surety provides guidance on bond wording and requirements, support for contractors of varying financial strengths, indicative pricing where required and dedicated client account management. Applications typically require a completed and signed application form, recent audited financial accounts, project details and specifications, a copy of the bond wording if available, and latest management accounts if available.
