BONDS
Reclamation Bond
Restoration Bonds are constructed for the benefit of Local Authorities, Commercial entities and Land Owners, the sole purpose of which are to guarantee these beneficiaries that land under their control will be restored back after a contractor has completed a job to an agreed-upon standard (this will be specific and transparent for all parties involved).
EPA On-Demand Bonds
The Environmental Protection Agency allows for the following Financial Provision instruments to satisfy their requirement that licensed operators must put an adequate financial provision for potential environmental liabilities that come about with; the closure and restoration/aftercare and; response to, and completion of remedial measures in the event of, an incident.
Aviation Maintenance Bonds
The brainchild of the late Tony Ryan, Aviation leasing began in the 1970’s initially through the launch of Guinness Peat Aviation. Most of the industry learned their trade in GPA. How far the industry has come. 50+% of all aircraft is leased these days. Ireland is the forefront of this industry and is seen as the Silicon Valley of aircraft leasing.
Bid Bonds
Often a prerequisite step in the tendering process, bid bonds , usually an On-demand wordings are submitted with a tender in order to lock in a tenderers promise to begin a project.
Duty Deferment Bond
Usually, this is required by companies operating in industries such as the importation and exportation of goods and services. It is especially relevant to such companies who import or export from outside the EU trade bloc.
Reinstatement Performance Bond
Reinstatement bonds are required in conjunction with the need to decommission a site and reinstate it back to how it was initially handed over. They are requested by entities such as local councils, landowners, the Environmental Protection Agency and Local Government departments.
Advance Payment Bond
This bond is needed where a substantial down payment has been made to a supplier of goods or services prior to the work been carried out. In a lot of cases, it is used where a subcontractor needs advanced payment to purchase goods or services and the Contractor/Employer needs to secure the outlay in case the subcontractor defaults.
Tax Authorities
To become a bonded warehouse, it is necessary to secure a bond or guarantee. A bonded warehouse is a structure or area which has been deemed secured to the relevant Tax Authorities stringent rules. The Tax Authorities will only allow it to become a “bonded warehouse” when a Bond has been received and signed off on. They can be either a private or state-run facility.
Retention Bond
A Bond that is issued instead of capital, that a Sub Contractor would be contractually obliged to allow a Main Contractor hold as a retention in most cases up to a year. A retention bond in many cases goes hand in hand with a Performance bond.
Development Bond
Development bonds are needed by developers who as part of their planning permission need to put down a cash lump sum or an insurance bond (development bond). This bond is intended to satisfy the local council/planning authority that the developer will complete the works to the standard which is then “Taken in Charge”.
Performance Bond
A Performance bond (Also known as a contract bond) is commonly used in construction (not exclusively) as a way of satisfying the beneficiary that the contractor and any of their sub-contractors will fulfill their contractual obligations to the Obligee. This is a tripartite agreement.
Lex is always willing to discuss your requirements and if possible, bespoke a solution to your problem.
Please contact bonds@lexrisks.com for any bond enquiry. For best advice download and complete the Application Form and Work in progress forms and attachment to your enquiry email.