A Deposit is an element of security that can help drive business growth because it provides customers or beneficiaries, certain that the company providing services, comply satisfactorily with the commitments and obligations acquired and remain established in a contract.
Some of the benefits that Bail Bonds can provide to companies are: Multiply the potential of the business since it obtains a greater and more solid financial support, increase the credibility of the company before the clients and increase its capacity to do business.
One of the most requested bonds in Mexico is undoubtedly the Compliance Bond, since it is responsible for ensuring that the obligations stipulated in a contract (which can be a work, lease, order or purchase order), are carried out in time and form, as previously established.
By means of a Compliance Bond, it is ensured that the company that provides a service will carry out the work in accordance with the agreement, or otherwise, the Beneficiary or contracting party will be able to make said Guarantee valid. Once this occurs, it works as a kind of compensation for the damages that result from the breach, of which, the Surety Company will take over.
The Bond of Compliance, belongs to the Branch III of the classification of Bail Bonds in Mexico ( Administrative Bail Bonds ), which also includes the Deposit, Contest, Good Quality and Hidden Defects. Normally, a Compliance Bond is issued for 10% of the total value of the contract, whose compliance is sought to guarantee, applies to both the Physical Person and the Moral Person and the process is simple once the required documentation is properly assembled.
Some other bonds that are highly requested in Mexico are:
Tender Bonds : They guarantee who contracts the services of a company, that this will comply with the terms and conditions of the policy.
Advance bonds : Its function is to guarantee the good use of the money provided in advance for the realization of a job.
Fidelity bonds: They protect the assets of the company (money, information and materials), before any damage that an employee could commit against them, and economically repairing said damage, should this occur.
At us, we work with the best Surety Companies and process your bond easily and at a low cost. Contact us !