What Do We Offer?
Sterling Finance offer a wide variety of products including:
- Surety Bonds
- Performance and Bid Bonds
- European Bonds
Other products we offer include:
- Advance Payment Bonds
- Off-Site Materials Bonds
- Tender Bonds
Surety Bonds are used in order to indemnify the obligee against losses arising from a principle's failure to meet the obligation. What a surety bond specifically entails is a contractual relationship between third party obligee's (whom we vouch for) and yourselves as contractors (the principle). This bond acts as a guarantee to ensure that you, as a contractor, fulfill your contractual obligation or defect liability.
Performance and Bid Bonds
Performance Bonds are used when a developer wants to protect the investment made in a venture, the contractor that won the bid is required to provide a performance bond before work can begin. If the contractor fails to complete the project based on the previously agreed upon contract, the project owner can file a claim on the performance bond. If the claim is found to be valid, the surety company that issued the performance bond will make sure the contractor compensates the harmed party.
Some companies may wish to expand into the European market. Through the use of our European bonds and Sterling Finance's connections, companies can guarantee payment and delivery.
Advance Payment Bonds
This type of bond is used to ensure that an Employer agrees to the pay the Contractor up front for goods and services.
Off-Site Materials Bonds
Similar in nature to the Advanced Payment Bond mentioned above. This bond guarantees the payments for materials required for a project held off-site by a Contractor.
These bonds are similar to the above mentioned Bid Bonds. This type of bond is often submitted with a Tender to demonstrate the ability of the tendering party to a potential employer.