Performance Bond Что Это

Bid Bond Vs. Performance Bond

Performance Bond Что Это

Bid bonds and performance bonds are both types of construction surety bonds that act as a level of financial protection for the client of a construction company, and help prospective clients to see the level of legitimacy and financial stability of a construction company. Although bid bonds and performance bonds are similar, they have some differences.

A bid bond is a construction surety that a construction company agrees to pay in order to get a construction project. It is called a bid bond because it is used by the client to pick from among various construction companies who are all competing to get the job — each construction company makes a bid on the job and purchases a bond to back up that bid.

In this bid, each construction company stipulates the costs and time frame under which the project will proceed. If the construction firm that gets the job ends up not being able to deliver, the value of that company's bid bond goes to the client to make up for trouble and lost time.

The value of a bid bond is usually determined by the difference between the lowest bidder's price and the next lowest bidder's price.

Performance Bond Definition

A performance bond is something that a contractor purchases to act as a surety that the construction company will finish the project under the stipulations of the contract.

If something causes the contractor to not be able to finish the project — for instance, if the contractor goes business — the surety agrees to pay for the completion of the contract. It may do this directly or through the client.

Performance bonds can also be used to protect the interests of subcontractors who have agreements with the primary contractor.

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Обратите Внимание!

It is not necessary to choose between a bid bond and a construction bond, as they cover different aspects of construction surety. By requiring all bidders to submit bid bonds, clients use bid bonds as a way of sifting out the unreliable contractors from the serious ones.

For this reason, every bidder must submit a bid bond, regardless of whether or not he actually gets the job. On the other hand, a performance bond is something that only the winning bidder must submit.

As the submission of a performance bond is part of getting the project under way, failure to do so can result in the contractor losing the job and the client collecting on that contractor's bid bond.

Benefits

Although construction sureties bid bonds and performance bonds place an added burden on construction companies, the existence of this system can be very beneficial to contractors who do their work well, manage their finances and meet expectations.

The existence of bid bonds helps to protect serious construction firms from being undercut by unprofessional firms that quote unrealistically low prices.

Similarly, performance bonds increase the total amount of available construction jobs by minimizing the financial risks clients face when they decide to hire construction contractors.

Источник: https://bizfluent.com/info-7999469-bid-bond-vs-performance-bond.html

Гарантия исполнения

Гарантия исполнения (Performance bond) представляет собой распространенный вид гарантии обеспечения исполнения обязательств по закупкам, государственным, коммерческим или муниципальным контрактам.

Посредством данной банковской гарантии банк, выступающий гарантом, берет на себя обязательство произвести выплату гарантированной суммы бенефициару по просьбе поставщика услуг или товаров или же иного подрядчика, выступающего в роли принципала, на тот случай, если поставщик не сможет исполнить в полной мере свои обязательства по поставке.

Размер гарантии исполнения и что она обеспечивает

Гарантия должного исполнения государственного контракта не может превысить 10 % от стоимости данного контракта. Данная форма обеспечения гарантирует выполнение поставки или предоставление услуги в строго установленное время и в соответствии с контрактом (договором).

Причем банк-гарант не должен проявлять заботу в отношении надлежащего исполнения услуг или выполнения поставки, поэтому у него нет обязанности контроля. Performance bond имеет цель укрепления договорных отношений, возникших между принципалом и бенефициаром.

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Эта гарантия свидетельствует об ответственности и серьезности намерений принципала, она служит гарантом для каждой из сторон совершаемой сделки.

Имея гарантию исполнения, продавец или исполнитель услуг становится желанным партнером для бенефициара и приобретает статус серьезного и солидного участника сделки.

Ко всему прочему при возникновении обстоятельств непреодолимой силы, повлекших за собой невозможность надлежащим образом исполнять свои обязательства по договору, поставщик, получивший такую гарантию, может не волноваться за дальнейшее развитие событий. В такой ситуации обязательство по выплате гарантированной суммы покупателю или получателю услуг переходит к банку-гаранту.

Срок действия гарантии исполнения

От 6 месяцев до 2 лет — это средний период действия данной гарантии. Гарантия будет действовать до тех пор, пока правильное функционирование согласно договору на оказание услуг или выполнение работ не станет бесспорным. Как пример: гарантия действует, пока происходит монтаж оборудования и последующая приемочная инспекция.

Срок требует четкого установления. Поэтому, если дата, когда он заканчивается, не может быть указана конкретно, то в договоре на оказание услуг или осуществление работ или в договоре купли-продажи время, до которого действует гарантия, должно быть точно указано.

Будьте бдительны по отношению к неоднозначным фразам, таким как «до приемлемого функционирования».

Продление срока действия гарантии исполнения

Не полное исполнение работ на момент окончания срока действия гарантии свидетельствует о том, что принципал имеет право выступить с просьбой о продлении срока действия гарантии (пролонгации).

Если такой просьбы не последовало от принципала, то бенефициар имеет право требовать от финансового учреждения, предоставляющего гарантию, продление срока.

В случае отказа в пролонгации может последовать требование выплаты гарантийной суммы, поэтому просьба о продлении срока сопровождается подобной ссылкой, а это значит, что в основном принципал соглашается на продление срока.

Случаи, когда гарантия может быть востребована

Гарантия исполнения контрактных обязательств (Performance bond) может быть востребована:

  • когда поставщик не может исполнить договор в полной мере, например, компания признана несостоятельной или вовсе произошла ее ликвидация;
  • когда имеет место рекламация по качеству.

Способность наших специалистов прекрасно справляться с любыми финансовыми инструментами дает возможность каждому клиенту не только Москвы, но и иных городов России, оперативно получить гарантию исполнения, играющую роль надежного инструмента в сфере госзакупок, муниципальных закупок, коммерческой деятельности и государственных, муниципальных контрактов. Перечень необходимых документов оговаривается во время консультирования клиента.

Источник: http://p-s.ru/garantiia-ispolneniia

Warranty Bond Vs. Performance Bond Vs. Payment Bonds

17
Feb

Renovating an existing home or taking on a new construction project is often a huge risk.

With the massive number of contractors in the market, it is often a challenge finding one that meets all your requirements, in terms of quality and cost.

What sets apart quality contractors from incompetent ones are factors licenses, insurance and bonds.

Самое Важное!

When you invite bids for a project, evaluating contractors on the basis of factors whether they have warranty and performance bonds will let you have your peace of mind. Protection against all sorts of risk should be among the top priorities when choosing to work with a contractor.

To provide clients assurance and to highlight their credibility, many contractors offer warranty and performance and payment bonds.

Here is a quick breakdown of these types of bonds and how they differ from one another:

Warranty Bonds

A warranty bond is a legal document that guarantees to the project owner that the contractor who did the work will come back and fix defective work or material should an issue arise during the warranty period specified in the contract.

The most important reason to work with contractors who acquire warranty bonds is the assurance of having recourse after the project is complete and accepted, should you find that there is a problem with the work or material installed on the job.

Take the example of a bonded plumbing contractor who, after successfully installing plumbing to code on a large construction site, finds after six months that the pipe installed was defective and a leak has developed.

 Even though the plumber did everything correctly, he is legally bound to replace the defective pipe per the terms of the contract.  The plumber’s warranty bond is in place to protect the project owner should the plumber refuse to replace the pipe for any reason.

 In this example, the owner of the project could then make a claim on the plumber’s maintenance bond and use the funds from the claim to hire another plumber to fix the problem.

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Performance Bonds

While a warranty bond guarantees the repair of a project should there be a defect in materials or workmanship, performance bonds are in place to guarantee that the project will be done according to the contract’s specifications and on schedule.

If a contractor fails to follow contractual outlines by skimping out on any part of the project, the surety company would be liable for paying up to the bond’s face value.

Полезный Совет!

 A simple example of a performance bond claim would be if a painter applied the finish coat of paint but failed to apply primer first.

 In this instance the project owner could make a claim on the painter’s performance bond if the painter refused to strip the paint reapply it correctly, per the contract specifications.

Payment Bonds

Payment bonds are in place to protect the owner’s project against liens filed by laborers and materials suppliers should they not get paid by the contractor performing the work.

 For example, if after the work is complete and accepted, the owner pays the contractor for a job well done but as time goes by he finds that his construction project has liens filed against it because the materials used to construct it were purchased on credit and never paid for, then the project owner can make a claim on the contractor’s payment bond to pay off the liens and clear the title of the project/property.

Are you a contractor wondering what performance bonds are? Would you to know how warranty bonds work? Get in touch with us to ask all your questions.

Источник: http://thebondpro.com/2017/02/17/warranty-bond-vs-performance-bond-vs-payment-bonds/

Performance Guarantee Bond — PG/PB

1. Seller/Contractor presents their trade deal requirement by submitting contractual agreement or buy and sell agreement.

2. BWT will do due diligence on the trade transaction between importer/developer & seller/contractor and informs the concerned party if the PB/PG request is rejected or approved.

3. If approved, BWT will ask their client to submit further documents and payment being their PB/PG charges.

4. Upon receipt of documents and PB/PG charges, BWT will proceed right away and will establish the Performance Guarantee/Bond from their bank account with European Bank via authenticated swift MT-760 to the importer/developer’s bank.

To get Performance Guarantee/Bond, please follow the below procedure:

Performance Guarantee Bond Information

Performance Guarantee Bond is a financial tool that acts as a security to guarantee any claim of the importer/buyer towards the exporter/supplier if and when a default occurs in performance of delivering huge merchandise/commodities in accordance with the sales & purchase agreement.

As well, Performance Bond/Guarantee is a surety bond issued by a bank or insurance company to guarantee acceptable or satisfactory conclusion of a certain project development by a contractor.

The Performance Guarantee or Performance Bond will require having tangible collateral in terms of property or termed deposit to back up the requirements of the issuing bank (provider bank) or Surety Company.

It is normally used in development or construction of different projects, where a proprietor or developer requires the contractor to provide such Performance Bond in favor of them to guarantee their commitment as per the contract signed between them and as well as in case of lack of liquidity of the contractor.

A Performance Bond may be either demand or conditional, which means that the beneficiary/principal may or may not be required to prove default by the principal in order to obtain payment. It is also typically issued as a component of a ‘Performance/Payment Bond’, wherein it guarantees that the contractor will pay the material costs and labor they are obliged to.

To Apply for Performance Guarantee Bond (PG/PB) → Contact Us Now!

Performance Bond guarantees the client that if the contractor fails to complete the project as per the terms & conditions of the construction agreement, the surety company or bank (provider bank) will arrange for a client-approved new contractor to complete remaining work on the project. The new contractor will then be paid for the amount required to finish the work. However, the surety company or bank is not compelled to pay more than the limit of liability mentioned in the bond.

Performance bond or Performance Guarantee generally covers 10 percent of the contract value and replace the bid bond once contract is awarded.

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Performance Bond is not an insurance policy and can be en-cashed by the principal to recover their payment from the contractor. Performance Guarantee Bonds are always Irrevocable and cannot be cancelled or revoked.

Обратите Внимание!

These guarantees or bonds can be terminated only when the contractor or a supplier has fulfilled their obligation towards the principal or buyer.

The Performance Guarantee or Performance Bond is transmitted via authenticated swift MT-760 between banks.

Availing Performance Bond or Guarantee from a bank is at times very difficult, time-consuming and blocking huge margin of company’s capital. Bronze Wing Trading L.L.C.

as a direct provider knows these issues, thus providing the PB/PG from Top European Banks without blocking cash funds which is very valuable for the supplier or contractor.

Performance Guarantee Bond Video

Источник: http://www.importletterofcredit.com/performance-guaranteebond/

What is a Performance Bond? (with picture)

Article Details

  • Written By: Brenda Scott
  • Edited By: Bronwyn Harris
  • Last Modified Date: 14 February 2019
  • Copyright Protected:
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One major concern a person has when hiring a contractor is whether or not that person will be able to perform the job. Even if the contractor is qualified and has a good reputation, his business may suffer a catastrophic event or financial crisis that could jeopardize the project.

To alleviate this concern, it has become a standard practice in large construction projects for the contractor to procure a performance bond. A performance bond is a bond issued by a bank or insurance company which guarantees that a contractor will satisfactorily complete a project.

In Europe, these bonds are usually issued by a bank and are called “bank guarantees” in the United Kingdom, or a “caution” in France. In the United States, the bonds are generally issued by an insurance company, though they may be issued by a bank or even a private party.

In all cases, the performance bond constitutes a three-way contract between the owner, or the principal, the contractor, called the obligee, and the company offering the bond, known as the surety.

This is not an insurance policy, but a financial guarantee that the work will be performed satisfactorily.

While the contractor is the party to procure the performance bond, the cost is paid by the owner and should be included in the bid. It covers 100% of the contract cost and usually has a defined time limit for completion of the job.

The bond also guarantees that the cost of the project will match the bid, provided that the owner sticks to the work defined in the contract. If an owner wishes to make changes along the way, then a contract change should be executed delineating any additional cost and time required for completion.

Once the job is completed satisfactorily, the bond becomes void.

Самое Важное!

If a contractor becomes insolvent, runs over budget, or for some other reason does not complete the work on time, he is considered to be in default.

When a default occurs, the bond usually gives the owner three options; he can be given the money to complete the work himself, he can pick a new contractor, or he can allow the surety company to find a new contractor.

Funds will be provided, up to the original contract cost, to complete the project.

A performance bond is also the name, formerly used in the United States, to refer to the collateral deposit an investor is required to make when entering a futures contract.

This bond, or margin account as it is now called, is used to cover the broker’s financial risk in handling the account.

A futures contract is a contract to buy a specific quantity of a commodity or financial instrument at a set price on a future date. These contracts are traded on a central financial exchange.

In the US, a performance bond is only required on government projects which exceed a cost of $100,000 US Dollars (USD). It is not generally advisable for an owner to insist upon a bond for a small job.

Since the fee for such a bond would be small, it could be very difficult for a contractor to find a surety willing to cover a bathroom remodel or a new deck.

On a major project, however, a performance bond is a worthwhile investment.

Recommended

anon288345
Post 2

Owner = Obligee

Contractor = Principal

Источник: https://www.wisegeek.com/what-is-a-performance-bond.htm

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