Bonds & Surety
Performance bonds are used when a business or individual needs a guarantee that a contractor will fulfil their obligations. If they fail to do so, the business or individual will be reimbursed by the amount agreed in the bond.
This product provides project owners with the confidence to contract with suppliers, safe in the knowledge they will be compensated if contract terms are not met.
Whilst there is currently no legal obligation for a contractor or construction company to take out a performance bond, many project owners will require a bond as part of their contracts, making performance bonds crucial to winning new work.
LMIS has an experienced commercial team ready to assist you with your needs and to explain the coverages available.
The following are some of the coverages we can offer: –
Compulsory building completion Bonds
Construction Bonds
Repayment Guarantee Bonds
Bid Bonds
Performance Bonds
Warranty Bonds
Down payment Bonds & Advance payment Bonds
