Surety & Housing

Contract Surety

The main types of bonds HCC Europe furnishes in this area are:

Public Contract Bonds
These bonds insure obligations stemming from public administration and are regulated in Spain by current government contract legislation.

Our most frequently requested government contract bonds include:

a) Bid Bonds
These bonds insure government bids for work or services and are paid for through a single payment regardless of the duration of the bond.
b) Performance Bonds
Except for certain specific cases (such as unreasonably low bids), these bonds guarantee due performance of a contract under the agreed conditions and any warranty period established.
c) Materials Stock Bonds / Advance Payment Bonds
These bonds guarantee that stockpiled material will be used for a specific job. Advances drawn on the final executed price of a work project is insured.
d) Retention Bonds
Withholding bonds are provided in lieu of work certificate withholdings stipulated by a contract. These bonds are the best guarantee of due contract performance and the correct execution of the contracted work or service.

Private Contract Bonds
These bonds, in most cases, cover contract obligations between private concerns. Guaranties of this sort are analyzed case-by-case and are each given a detailed assessment.