Performance Bonds

Performance Bonds are a regular requirement for many contractors, acting as a financial guarantee for employers against the contractor failing to complete the contract.

Association of British Insurers (ABI) performance bond wordings, will typically cover insolvency only. At PMJ Risk Solutions, we have the experience and market reach to cover a range of performance bond wordings and can liaise with you and you employers to agree bespoke solutions.

Retention Bonds

Retention bonds are a popular alternative for contractors where there is a contractual requirement for a large retention’s with employers. Where a contractor is financially solvent, a retention bond will provide a guarantee for the full retention amount to the employer, allowing the contractor to keep the retention amount in their cashflow.

PMJ Risk Solutions can offer standard or bespoke retention bond arrangements, which could help you manage cash flow on larger projects.

Advanced Payment Bonds

Advanced payment Bonds, provide a guarantee against a payment made to a supplier for a product net yet supplied. An advance payment bond could be for your employer against a payment made to you or your supply chain. Alternatively the advanced payment bond could be for you (as the beneficiary) against a payment you are being asked to make to a supplier.

PMJ Risk Solutions will work with you and/or your supply chain, to find solutions to all advance payment bond requirements, allowing the supply chain to trade with confidence.

Staged Payment Bonds

Staged Payment Bonds (like advanced payment bonds) provide a guarantee against payments made for products/services net yet supplied. A staged payment bond could be for your employer against a payment made to you or your supply chain. Alternatively the staged payment bond could be for you (as the beneficiary) against a payment you are being asked to make to a supplier.

PMJ Risk Solutions will work with you and/or your supply chain, to find solutions to all advance payment bond requirements, allowing the supply chain to trade with confidence.

Highways & Sewer Bonds

Highways bonds, section 38 bonds, road and sewer bonds all provide a guarantee that the work completed will be to a standard that can be adopted by the local council. They will often be bespoke arrangements extend beyond the completion of the works for a specified time period.

PMJ Risk Solutions will work closely with you and the relevant authority for all section 38 bond, road and sewer bond requirements.

Restoration Bonds & Reinstatement Bonds

Restoration bonds and reinstatement bonds, are guarantees that a contractor/developer will fulfil a duty to restore the surrounding property/environment, following the completion of a contract.

PMJ Risk Solutions will work with you and the beneficiary to ensure that all requirements are met at an equitable rate.