Performance Guarantee in Construction – Performance Bond

1. Case Study: Case Study: Bronze Wing Trading Issued Performance Bronze Wing Trading Issued Guarantee in Construction on Behalf of a Spanish Contractor Presented by, www.importletterofcredit.com

2. The Client’s Objectives The Contractor is running a privately owned construction company in Spain. They have the track record of completing several high rise building projects successfully. Recently, they contacted Bronze Wing Trading, the Performance Bond Providers in Dubai to avail Performance Guarantee in Construction on behalf of their company. The Client’s Requirement The developer in Madrid, Spain announced a bid for their high rise residential building project. The contractor submitted their bid for the contest and won the tender. The developer required some sort of assurance from the contractor. So, they demanded Performance Guarantee in Construction before signing the contract. Since this contract seems to be the profitable one, the contractor didn’t want to miss the project. So, they started looking for the ways to avail Surety Bond on their company’s behalf. The Client’s Challenge As the first step, the contractor contacted their banks with their PG request. Since the contractor exhausted their credit lines & bank facilities in other projects, the banks were unable to proceed further with their request. Then, the contractor approached private lenders to avail the bond. But they demanded certain percentage of the total value of the project as cash margin. At that time, the financial situation of the contractor was down, so they were unable to provide the cash margin. While searching online for Performance Bond Providers, they came across with a Presentation published by us and contacted us with their MT760 request. The Client’s Success The Client contacted us by providing the contractual terms of their project & other related documents. We analyzed their contract and approved their request. The Client visited our office in Dubai to sign the service agreement and paid the admin fee. We structured their Performance Guarantee request by blocking our bank limit and sent the bond draft for their approval. The Client approved the draft and paid the issuance fee charges. After which, we instructed our bank to issue the Performance Guarantee in Construction on behalf of the contractor and in favor of the developer. As per the request, our bank issued the Performance Guarantee to the developer’s bank via authenticated Swift MT760. With Performance Guarantee, The Developer Signed the Agreement with the Contractor & The Contractor Assured The Positive Completion of the Project Within the Set Time Period! For More Info: www.importletterofcredit.com Submit Your Requirements to: support@importletterofcredit.com or Call Us @ 0097145519699 or Visit: www.importletterofcredit.com