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SURETY BOND

Caution

Get the necessary guarantees to deposit with the Public Administration.

AMOUNTS CONSOLIDATION GUARANTEE

Housing Promotion

Assure the amounts provided by the housing developments buyers.

TEN-YEAR INSURANCE POLICY

Damages

Protect the housing of possible structural damages in front of the user.

What is Surety Bond?

S

urety Bond is the best alternative to a bank guarantee in terms of technic guarantees. There are more and more companies benefited by surety bonds.

Surety Bonds guarantees ensures the fulfilment of the contract. It is requested by the company which is going to assure their job to the benefited company of the labour. In case of breach the two parties agreed, surety bond is in charge of compensate the company benefited. It means that, the surety amount would be destinated to the company that recruit the services to compensate for non-compliance the duly agreed in the contract.

Traditionally, the companies guaranteed their job before others through bank guarantees but there are a lot of advantages that make surety bound as the best bank guarantee alternative.

More information

It does not block the financial accounts of the company

It does not appear as a bank debt

It is quickly and more efficient than bank guarantee

Surety Bonds Uses

Public Work Tenders

Civil work companies work to the public sector and choose surety bond as the alternative to the bank guarantee. In such a way to assure their contract if they were the public tender chosen company.

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Mines

ENVIROMENTAL REPLACEMENT

Companies that could damage the environment, such as mining industry, need to guarantee their work before the Public Administration to assure that their labour is environmentally friendly.

CONNECTING
POINTS

Surety Bonds are also applied to combat the climate change.

Importing and Exporting at Customs

Private companies that import as well as export, as the companies related to the port authorities, would need surety bond to guarantee the custom taxes before the Public Administration.

Activity license for Security companies

Before starting their activity, security companies must obtain an activity license that insures their work. In ForAval we manage the Surety Insurance so that our clients obtain activity licenses because it is the guarantee that provides the most benefits.

Gaming License

Given the possible adverse effects that could cause a bad exercise of the activity of some sectors to the society, the companies of the Gaming Sector use the Surety Insurance to guarantee the good activity of their services.