PERFORMANCE
BONDS

0208 805 2211

Also known as a performance guarantee, bonds ensure suppliers deliver on their agreements.

A Performance Bond is a form of security provided by a supplier or contractor.

It provides security to the owner that in the event of non-delivery by the supplier or contractor, the owner’s losses and damages will be paid under the bond up to a maximum threshold.

Performance bonds typically represent an undertaking by a bank or insurance company to make a payment if the supplier or contractor has defaults on a contract.

Our specialist team at IMS can guide you to obtain a variety of performance bonds.

How IMS can help

We understand the intricacies that can be associated with sourcing and arranging performance bonds

By providing expert advice and guidance, we aim to make the process of arranging these as simple as possible.

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What are Performance Bonds?

Performance bonds are a means to guarantee satisfactory completion of a project by a supplier or contractor.  While they are best known for use in construction, they are a contractual instrument used in many industries.

A performance bond guarantees against the failure of a supplier or contractor other party to meet their contractual obligations – removing risk for the counterparty.

Performance bonds are typically either ‘on demand’ or ‘conditional’:

  • On demand bonds are an amount of money specified in the bond immediately on demand in writing without needing to satisfy any other conditions unless the demand is fraudulent.
  • Conditional bonds require that the client provides evidence that the supplier or contractor has not performed their obligations as stipulated in the contract, leading to resultant losses.

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You’ll discover our service to be personal, friendly and flexible to satisfy your insurance needs.
Even if you already have insurance, contact IMS for an objective second opinion.
You may discover we can offer you something way better than what you already have.

IMS:  Insurance Specialists

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We understand the intricacies that can be associated with sourcing and arranging  the right insurance for your needs.

Even if you have unique circumstances or requirements that other insurers struggle with, talk to our team and discover how we can help! 

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Expert Claims Support

Should things go wrong, we're here to help

You often only discover how great an insurance policy in those tricky circumstances when you must make a claim.

We pride ourselves in supporting our clients in getting paid what they deserve with minimum fuss - and for larger or more complex claims - we often involve sector specialists.

We provide this independently of the underwriter and we'll help you understand your rights and the steps to take.

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