Objectives, scope and operation of the compliance bond
When signing a contract, it is essential to ensure that the obligations established therein are carried out in a timely manner. Doing so through a compliance bond will always be the best option, since it works as a guarantee instrument that ensures that the work in question is carried out correctly.
The compliance bond belongs to the administrative bonds, normally they are issued for 10% of the total value of the contract in question. In order to process it, it is important that the guarantor does not have debts in the Credit Bureau and has the necessary documents and guarantees.
Through a compliance bond, the beneficiary can be certain that the agreement in the contract will be made as agreed, such contract may be: work, order, lease or purchase order.
In case of non-compliance with the provisions of the contract, the beneficiary of the policy may claim compensation for the resulting damages, which shall be granted through the joint obligor involved in the issuance of the compliance bond.
Process your compliance bond in 3 easy steps:
With us, the process of a policy is simple, fast and at the best cost in the market, the steps to follow are:
Complete the form found on our website in order for one of our professional advisors to provide the interested party with all the information and start the process.
Collect the requested documentation for the processing of a bond and present it in original and copy for the corresponding comparison.
Make the payment and complete the forms requested by the surety, with this the policy will be issued in 3 business days.
Because we know the importance of protecting the interests of our clients, we maintain alliances with the best surety companies in the country.