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Performance Bond Process

Bronze Wing Trading L.L.C. can support your exports or projects by providing a Performance bond on behalf of the supplier / Contractor.

To avail PB / PG from rated banks, please follow the simple process given below:

  1. Supplier / Contractor informs BWT of their PB MT760 request with the proforma invoice or contract of their deal.
  2. Secondly, BWT will analyze their deal between the parties. Then, we will inform the parties about the approval of the PB request.
  3. After the approval, the client will sign the service agreement with us. They will also be informed about our service charges to initiate their request.
  4. Further, once the agreement is signed & services charges are paid, we will start structuring their transaction with our bank by blocking our bank limit, as per their deal. 
  5. Then, we will send the draft for the client’s approval. Also, we will inform them to provide the issuance fee charges and the documents related to their deal.
  6. After receipt of the documents, signed draft, and issuance fees, we will proceed to the final step. i.e., we will instruct our Bank to provide the Performance Guarantee from our account on behalf of the seller or contractor. And this PB MT760 will be issued in favor of the buyer / project owner within 48 working hours. 

performance bond process

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    Looking For Performance Bond MT760?

    We can provide Performance Guarantee MT760 to guarantee the satisfactory completion of a project

    Looking For Performance Bond MT760?

    We can provide Performance Guarantee MT760 to guarantee the satisfactory completion of a project

    Performance Bond

    Performance Bond or Performance Guarantee or Surety Bond is a financial tool issued by a bank on its clients’ behalf to assure their performance. Further, this acts as a guarantee; to secure any claim by the buyer to the seller; in case of any default in the supply of goods; as agreed in the contract.

    Performance Guarantee also often used in construction projects. Here, the contractor provides this bond in favor of the project owner to assure their work on the project. Also, this protects the developer against any claim; in case of non performance by the contractor, as per their agreed terms. Also, this bond assures that even in case of any default; – such as bankruptcy or any events, the work will not be stopped or affected. 

    At the same time, this is also issued by the seller, in favor of a buyer while concluding large contracts of goods supply. Also, this issued MT760 will act as a guarantee to obtain the Letter of Credit – DLC MT700 from the buyer to conclude the deal.

    Getting such bonds from traditional banks can be tough. As the process is slow and also requires the tie up of working capital. We understand these problems; Also, we’re ready to provide you the right solution. Further, being performance bond providers, we provide these bonds from our rated bank accounts. So, there is no need to tie up your cash funds; also, no need for blocking your capital / funds to avail MT760.

    Parties Involved in Performance Guarantee

    There 3 parties involved with PG MT760 and they are:-

    Principal – Contractor or supplier, the one who performs the job.

    Obligee – The project owner or buyer, the one who receives the guarantee. And the one who hires the contractor / seller to complete the job.

    Bank– Who issues the guarantee; and assures that the contractor or seller will perform as per the contract terms.

    Performance Bond Claim

    For instance, if any default occurs, then the developer / buyer can claim the bond to get proper compensation. To file a claim under the issued bond, there are a few things that must be noted:-

    1. The project owner / buyer must openly declare the contractor /seller’s default; under the terms.
    2. There must be a valid reason to declare the contractor / seller’s default.
    3. Also, the developer / buyer needs to meet all the terms; as per the contract.

    Options Available to Claim a Performance Guarantee

    • The bank or the bond issuer can discuss with the project owner / buyer to find out the issue that created the default. And also, thereby convince them to revoke the statement of default; and continue working on the same project.
    • Another option, the bond issuer can enter into a formal contract with the project owner / buyer. Via this, the contractor / seller can ensure that; they will complete the job as per the signed contract.
    • Finally, as the contractor is in default; and unable to perform as per the signed contract. Then, the bank arranges a new contractor; to carry out the pending work. Also, the new contractor needs to pay the amount needed to finish the work. However, the bank did not compel to pay more than the liable limit written on the bond.

    Performance Bond Cost

    The performance bond cost may vary based on the tenure of the required bond. Usually, it mainly includes commission fees and other handling fees. Further, these charges should be borne by the applicant; and it should be paid to the issuing bank.

    Performance Bond Providers

    Bronze Wing Trading L.L.C., the Performance Bond providers are here to assist you to avail the required bond from rated banks without cash margin. Over the 30 years, we have helped more than 25, 000 traders to conclude their trade deal; and also to protect their business against fiscal risks.

    Do you require Performance Bonds to assure your performance to your buyer / project owner?

    Avail Performance Guarantee from us on your behalf! We will issue the bond within 48 hours! Apply now!

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