We offer different surety types to match your need
Tryg Garanti offers a variety of bond types primarily in construction but also across all sectors where required.
Our bonds types are widely accepted by private as well as public beneficiaries, both domestically and abroad.
We offer among others the following types of bonds:
Bank guarantees is a broad term covering several types of guarantees, which are all intended to minimize the risk of loss in connection with contractual obligations.
As the name indicates, bank guarantees are issued by banks, but insurance companies such as Tryg Garanti and Tryg Hansa Garanti issue similar bond types.
These are a tri-party agreement where Tryg Garanti will guarantee to an Employer that you will carry out your contractual obligations with them in accordance with your contract.
Advance Payment bonds
Often, an Employer will make a deposit payment to you in order to assist with the purchasing of goods and services required under the contract. Tryg Garanti are able to offer Advance Payment Bonds which are designed to guarantee this payment in the event that you fail to fulfil your contractual obligations or become Insolvent.
EU bonds are issued in favour of the authorities for example in connection with imports and exports of dairy products. They may also be issued in connection with payment for products bought from the EU intervention stock. Or as security for refund of EU subsidises according to EU’s market schemes.
An EU bond secures that the company fulfils its obligations according the the EU market schemes.
Highways & Sewer Bonds
These guarantees are in relation to works comprising the completion of new roads and/or sewers. They provide comfort primarily to local authorities or utility companies that the works will be completed to an adoptable standard.
HMRC/Duty Deferment Bonds
These guarantee the delayed payment of duty and VAT payable from the importing of goods from outside the UK. The duty and VAT are otherwise payable immediately as goods arrive at the UK border. These bonds can therefore provide some much needed cashflow support by delaying these payments for a certain time period allowing cash to be deployed elsewhere.
Rent deposit bonds
Rent deposit bonds secures an owner payment of rent for a specific period, agreed upon in the underlying rental contract. The bond can be called if the tenant cannot pay his rent, for example due to bankruptcy.
These guarantee to an employer that the landscape will be returned to its original state following completion of a project.
These are required where the employer has retained funds held against the contract for a period of time after Practical Completion in order to safeguard against any defects that may occur that you are unable to remedy. They alleviate the requirement for the deduction of a retention and ensures that you receive the full amount of the agreed contract payment.
If you want to know more about bonds or if you have questions regarding the specific use of each bond type, please call us at or write to us via this contact form. We will return to you as soon as possible.
Please see the Tryg Garanti UK Jargon Buster for more information on bond types and key words that you may come across in relation to this product.