ABI Bond (Form of Guarantee)
Publisher one
Genie AISource file
abi_bond_(form_of_guarantee)_template.docxJurisdiction
England and WalesCost
Free to useRelevant sectors
Type of legal document
🏢 Bond agreementBusiness activity
Form of guaranteeA bond agreement is a contract between a surety and an obligee that establishes the surety's obligations to the obligee. The agreement sets forth the terms and conditions of the surety's guarantee, including the amount of the bond, the premium to be paid, and the length of time the bond will be in effect.
The purpose of this template is to establish the obligations and liabilities of the parties involved in the agreement, which typically include the contractor, the employer, and the ABI. It sets out the terms governing the provision of financial security to the employer by the contractor, ensuring that the project will be completed according to the agreed-upon terms.
This document may cover various important aspects, such as the scope of the bond or guarantee, the conditions triggering its enforcement, the duration of the bond, and the maximum liability of the ABI. It may also include provisions regarding the procedures to be followed in the event of a default or breach, such as the process for making a claim and the timeframe for resolution.
Additionally, the template may address the rights and responsibilities of the parties involved, including the obligations of the employer to pay fees or premiums for the bond, the requirements for the contractor to maintain the bond throughout the project, and any conditions that may render the bond null and void.
Ultimately, this ABI Bond (Form of Guarantee) template under UK law serves as a standardized legal framework for organizing and regulating the financial guarantees necessary for construction and other projects, ensuring that all parties are protected and their obligations clearly defined.
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