What Is An Off Site Materials Bond
This is a Bond in respect of Off-Site Materials and/or Goods and is requested by an Employer to cover their exposure should materials not be delivered to site as agreed in the Contract.
What Are Off-Site Materials?
This can refer to any Materials which are needed in relation to Construction Project stored at a location other than the contract site.
Insuring Clause in The JCT Contract
The cover required often relates to the following clause in the JCT contract:
"This Bond shall exclusively relate to the amount paid to the Contractor in respect of the Listed Items which have not been delivered to or adjacent to the Works."
While the Contractor will be required to arrange appropriate Insurance to cover the loss or damage to the items including the interests of the Employer the Off Site Materials Bond relates solely to the money paid for those goods.
Materials Bond or Advanced Payment Bond?
While similar to an Advanced Payment Bond a Materials Bond allows the Employer to claim for the value of those materials or goods or items pre-fabricated for inclusion in the Works listed by the Client in a list which has been included as part of the Contract.
Call now for instant advice and indications on 02476 017646 or use the form opposite and we will contact you straight back.
We can help any contractor obtain the Performance Bond they need!