Advanced Payment Bonds
An Advanced Payment Bond referred to as an 'APB' is required to protect and support payments to contractors by the client in advance of works being completed.
Many contracts require the purchase of materials in advance of a contract commencing, there is always a risk to the Employer in advancing money to a contractor who may not be well known to them to allow the purchase of goods to enable the contract to commence.
An Advanced Payment Bond protects the payment being advanced in exchange for a bond underpinned by a suitable Guarantor to give peace of mind to both parties.
Our specialist team will be able to talk you through the various options available including advice on suitable wording should one not be provided by the Employer. Often an Advanced Payment Bond will be purchased in tandem with a Performance Bond which will offer further protection to any Employer and enhance the trust and credibility of the Contractor.
Speak to one of our Specialist Team today on 02476 017646