Advance Payment Bonds, also known as Advance Payment Guarantees or Deposit Guarantees, can be used when you require pro forma payment or a deposit from your client.
You ask your client for advance payment and they may ask you for an advance payment bond in return; this bond then guarantees your work in exchange for the up-front payment, compensating them in the event that you don’t complete the work, or the work is not to an agreed standard. It provides security for your client.
Does your client need a guarantee for their deposit? Do you regularly work on a pro forma basis? Call The Channel Partnership today on 01275 817320 to discuss your surety bond needs.