What is a compliance bond and when should I hire it?

When a contract is signed, it is extremely important to ensure that the obligations established therein are carried out as stipulated. The compliance bond is undoubtedly the best guarantee instrument because it ensures that the company that provides a service correctly performs the work in question.

In the event that this does not happen, the beneficiary of the policy may claim compensation for the resulting damages, which is granted through the joint obligor involved in the issuance of the compliance bond.

Through this guarantee instrument, the beneficiary can be certain that the agreement in the contract will be made as agreed, such contract may be: work, order, lease or purchase order.

The compliance bond belongs to the administrative bonds, normally they are issued for 10% of the total value of the contract in question. In order to process it, it is very important that there are no debts in the Credit Bureau and that you have the documents and guarantees requested by the surety.

How to process a compliance bond in 3 easy steps:

How to process a compliance bond in 3 easy steps:

 

With Barrón Seguros y Fianzas, the bail process is simple, fast and at the best cost in the market, the steps to follow are:

Complete the form found on our website in order for one of our professional advisors to provide the interested party with all the information and start the process.

Collect the requested documentation for the processing of a bond and present it in original and copy for the corresponding comparison.

We know and share the importance of protecting the interests of our clients and protecting their investment, which is why we maintain strategic alliances with the best surety companies in the country.