Was the Colosseum Bonded?
Did the Romans really use Bonds?
As strange as this may seem the Roman Empire developed laws of Surety around 150 AD that exist in principles of Suretyship still today, so it is possible the Colosseum was Bonded! In fact the first know record of a contract of Suretyship dates back to 2750 BC!
The principles of suretyship and of surety are not new to the world. While many may not even know what a surety bond is, there is a very deep and rich history of surety and suretyship.
The First Surety Companies
Institutions that resemble modern day surety companies do not start appearing until the 18th century. The year 1720 saw the first known attempt to create a surety company. While this attempt was unsuccessful it did succeed in getting the ball rolling for surety companies to come. The first successful surety company was the Guarantee Society of London, founded in 1837 in London.
Modern Day Bonds
In todays world there are a large number of specific Bonds which have been defined to cover certain contractual obligations and trade sectors.
Typical types of Surety Bonds and Guarantees Issued can include:
- Performance Bonds
- Advance Payment Bonds
- Retention Bonds
- Road & Sewer Bonds
- Bid Bonds
- VAT and custom bonds
- Court bonds
- Waste shipment bonds
- Licence and permit bonds
- Restoration bonds
- Payment bonds
- Pension bonds
The application of bonds is most common in JCT contracts in the form of a Performance Bond, this usually requires the contractor to supply a 10% bond, often using an ABI wording, to protect the Employer against a contract default.
Quick Links For common bonds we issue
Performance Bonds - Surety Bonds and Guarantees
Road and Sewer Bonds - Surety Bonds and Guarantees
Retention Bonds - Surety Bonds and Guarantees
Advanced Payment Bonds - Surety Bonds and Guarantees
Duty Deferment Bonds - Surety Bonds and Guarantees
Call now to speak to one of our specialist Bond Brokers – 02476 017646