Surety Bonds And Bank Guarantee
Surety Bonds And Bank Guarantees
Stening Simpson Industry Leaders in Global Surety Bonds. For over 44 years Stening Simpson has been at the forefront of the Surety Industry setting the benchmark.
Types of Contract Bonds
Contract Bonds
Contract Bonds (commonly known as Surety Bonds or Performance Bonds) provide security against non-performance or default. Contract bonds include –
- Retention Release
Provides security to the beneficiary when the contractor is advanced funds from the retention fund. - Off Site Material
Secures the beneficiary where payment to the contractor for items to be constructed off-site has occurred but the delivery of the goods has not taken place. - Performance Bonds
Provides security to the beneficiary against the contractor’s non-performance or default during the contract period. - Retention Release
Provides security to the beneficiary when the contractor is advanced funds from the retention fund. - Maintenance Bonds
Secures the contractor’s obligations during the warranty or defects period. - Advance Payment
Secures funds advanced to the contractor for capital purchases or site preparation.
Other Types of Contract Bonds or Commercial Bonds
In addition to being Performance Bond Providers, we also specialise in other types of contract bonds and commercial bonds. These bonds provide security for a company’s obligations under local, state and federal governments regulation or statutes.
Mining Rehabilitation Bonds
Legislation is changing requiring mining companies to provide a greater level of financial assurance by increasing reserves and capital, which is an onerous financial commitment and may adversely affect the economic feasibility of the project.
To help mining companies comply with individual state legislation in a manner that mitigates the risk of early closure, whilst at the same time allowing the company to optimise its cash management and capital strategy, there is an innovative and flexible mining rehabilitation product that:
- Complies with current state legislation;
- Provides the mining company with financial flexibility with less onerous security requirements than those required by banks;
- Enables the mine to potentially access surplus free cash or cash, previously tied up by banks or state governments, to facilitate growth and investment.
Decommission Mining Bonds
Decommission Mining Bonds are used to guarantee proper removal of the equipment and restoration of the environment to its pre-existing state. These types of bonds are required by the property owner and/or local governmental authority and the project developer/owner is required to provide them.
Lease Bonds
Lease Bonds are used to secure a commercial lease agreement and they are formatted and worded identically to a bank guarantee. They are also unconditional, irrevocable and payable on demand. Lease Bonds do not require tangible security such as cash or property.
We provide a smarter and more capital-efficient S&P AA-rated solution.
We Work Hard to Provide Surety Bonds Insurance That’s Right for Your Business
With Surety Bond Insurance, Stening Simpson offers such solutions in the form of Performance Bonds in Australia, as well as performance and commercial bonds across the globe.
Contact us today to lock in Stening Simpson as your Commercial and Performance Bond Providers.
