Bonds & Guarantees in the Construction Sector - The Key Issues
Between Covid 19, Brexit and the ever-increasing costs of labour and supplies, the risk of a contractor failing to perform its obligations under a contract or becoming insolvent has never been greater.
While employers should endeavour to obtain suitable security for such events, issues such as the availability and cost of bonds, the covenant of any guarantor and the difficulties in claiming under a bond or guarantee cause many employers to wonder if such securities are worth the paper they are written on.
This webinar will look at performance bonds and guarantees in the construction sector, discussing the challenges currently faced in the market in obtaining such securities, and offering some alternative security options for an employer.
What You Will Learn
This webinar will cover the following:
- Why employers seek performance bonds and guarantees
- Key differences between performance bonds and guarantees
- Issues faced when seeking performance security:
- ‘On default’ rather than ‘on demand’
- Costs and availability of bonds
- A warrantor’s covenant
- Claiming against a bond or guarantee
- Alternatives for an employer to obtaining a bond or guarantee
This pre-recorded webinar will be streamed at 12:30pm on Tuesday 31st May 2022 and will remain available to view by delegates who have registered by then for 90 days.
at your organisation