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Surety Bonds Uses
Amounts Consolidation Guarantee
Customs
Public work
Connecting Points
SURETY BOND  

Our products

Surety Bonds Uses

FORAVAL PRODUCTS

Amounts Consolidation Guarantee
Construction Companies
Housing development
Construction companies working in housing developments must provide guarantees to the homeowners within a bank guarantee or a surety bond. The aim is ensuring before the law that if the company wouldn’t execute the mentioned promotion or if replace the housing development, the construction company will return the money that the homeowners have been paying to get the propriety.
If we process surety bonds to the client to get Amounts Consolidation Guarantee, ForAval will process the ten-year insurance policy to streamline the client’s mandatory procedure.
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Ten-year insurance policy
Construction Companies and Architects
Ten-year coverage insurance
The law commits to submit a ten-year coverage insurance to the actors involved in a building house. This kind of surety tends to encourage the developers of the created housing quality if it has any defect. 
Strengthening 
Construction Company
Surety Bond
Owner
Construction Companies 
Housing development
Construction companies working in housing developments must provide guarantees to the homeowners within a bank guarantee or a surety bond. The aim is ensuring before the law that if the company wouldn’t execute the mentioned promotion or if replace the housing development, the construction company will return the money that the homeowners have been paying to get the propriety.
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Ten-year insurance policy
Construction Company
Surety 
Bond
Damage
Construction Companies and Architects
Ten-year coverage insurance
The law commits to submit a ten-year coverage insurance to the actors involved in a building house. This kind of surety tends to encourage the developers of the created housing quality if it has any defect. If we process surety bonds to the client to get strengthening, ForAval will process the ten-year insurance policy to streamline the client’s mandatory procedure.
Strengthening
Construction companies
Housing Development
Construction companies working in housing developments must provide guarantees to the homeowners within a bank guarantee or a surety bond. The aim is ensuring before the law that if the company wouldn’t execute the mentioned promotion or if replace the housing development, the construction company will return the money that the homeowners have been paying to get the propriety.
Request to study my case
Ten-year insurance policy
Construction companies and architects
Ten-year coverage insurance
The law commits to submit a ten-year coverage insurance to the actors involved in a building house. This kind of surety tends to encourage the developers of the created housing quality if it has any defect. If we process surety bonds to the client to get strengthening, ForAval will process the ten-year insurance policy to streamline the client’s mandatory procedure.
Connecting Points
Renewable energy
Environmental power plants
All those companies working in produce renewable energy, as solar energy companies, photovoltaic or wind energy, the law require them to submit a guarantee for each connecting point before the Public Administration to assure the construction and working process of them.
As the State obliges to submit a bank guarantee or a surety bond to the renewable energy producers during the connecting points installation, the renewable energy firms also must assure their business activity before the electricity network.
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Public Works
Civil Work and Public Tenders
Public Work Tenders
The firms which apply to bid or which submit to public tenders have to provide a guarantee with their offer. Thanks to surety bond, the companies assure they will comply the offer they had submitted to the tender. In case it becomes the awarded company, it will have to guarantee the work execution.
Surety bond has advantages over bank guarantee: it doesn’t pledge the sum insured, it translates in more liquidity for the company. Surety bonds neither feature as a bank risk, gaining in solvency and making more possibilities of participate in more public tenders at the same time.
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Government Franchise
Administrative franchises
Long Term Contracts
Surety bonds are a good option to companies awarded with administrative franchises of a public service. These entities are the responsible for develop public services as car parks, highways, sports facilities, school canteens or transit lines.
The entities franchises, as the public work entities, are chosen by public tenders. Before, the company has to provide a tender that could be accompanied by a surety bond to work as a contract fulfilment guarantee.
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Mines
Mining
Environmental Replacement
Another industry sector that would potentially harm the environment given its activity is the mining. Companies that encompass the mining industry also have to guarantee their work before the Public Administration. The way to do it is providing a bank guarantee or a surety bond and the aim is to certificate that, if the environment is damaged, an entity would effort financially by the company to compensate the damages.
Surety bonds are the optimal path because they don’t compute as a company risk, unlike bank guarantee. As Surety bond doesn’t appear as a bank debt, the financial photography’s company isn’t adversely affected. This advantage means better bank products because banks know what kind of risk a company has to give, or decline to give, their financial services.
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Customs
Importers and exporters
Custom Taxes
It is compulsory to provide a guarantee to certificate the taxes and duty custom’s payments and free trade zones. Once again, surety bond is submitted as a guarantee before the State that verify by the importing and exporting companies that they will pay the duty customs established by law.
Surety Bond is applied by companies, natural or legal person that there is in their functions importing or exporting temporally goods, those who complain the customs agent’s paper, forwarding agents, only importing and exporting companies, and among others.
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Gaming License
Gaming Sector
Activity License
Premises where there are gaming machines and the societies which activity is dedicated exclusively to the gamble need a gaming license. The possible adverse effect that the course game could cause must be guaranteed before the State through an activity license.
To be granted to a company an activity license, they can deposit to the Public Administration a Surety Bond, a way to guarantee the principal entity activity. The Surety Bond emission is more efficient and quickly and allows the company to continue with their diary activity.
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Security Companies
Security Companies License
Activity License
Before starting to offer their services, security companies must obtain the appropriate activity license by law. The license ensures the proper performance of the labour. This license can be guaranteed by a surety bond which must be deposited before the Public Administration.
All products that we offer guarantee the companies work before the Public Administration. This kind of guarantees need specific knowledge that is determined by a dedicated sector experience. In ForAval we are assured by our work doing and getting better our workday work processes.
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