Surety bond for importers/exporters
Import and
export
Surety bond also has applications in the world of international transport.
For certain international carriage of goods, the Customs Authority requires the provision of a guarantee corresponding to the amount of import or export duties which correspond to the customs debt and other charges.
Where a comprehensive guarantee is provided for the amount of import or export duty corresponding to customs debts and other charges the amount of which varies over time, the amount of such guarantee shall be fixed at a level which at all times covers the amount of import or export duty corresponding to customs debts and other charges.
The Customs Authority seeks to ensure the payment of taxes, duties and tariffs through guarantees, which can be deposited in different forms, in cash or through a guarantor such as Surety Bond.
Advantages of
Surety Bond
Policies over
5 years
We study surety bond policies with a duration of more than 5 years.
Increased ability to
participate in auctions
No blocking/pledging
of bank balances
Does not consume CIRBE
Surety bond does not consume bank credit limit, it is not a major bank risk which means higher eligibility for bank products (loans, credit accounts, etc.)
More efficient
Rapid evaluation of the application for the issuance of the surety bond policy, faster in its study and issuance than the bank guarantee.
Plafond System
Pre-approved line of surety bond that allows you to get your guarantee quickly when you need it.
Coverage:
Types of Surety Bond
SURETY BOND
Consult the different Surety Insurances that we have available
Every contractor who applies for a public tender, as established in the Law on Contracts with Public Administrations, needs to submit, together with their bid, a bid bond to ensure that, in the event that they are awarded the contract, they will sign the performance contract in accordance with the conditions under which they made their bid.
For those Contractors who have not been awarded the contract, the validity of this guarantee shall last until the awarding of the contract.
These guarantees may be constituted by means of a surety insurance policy issued by an insurance company authorised to do so by the Directorate General of Insurance.
The loss arises in the event that the Insured Party awards the contract to the Policyholder and it is not formalised for reasons attributable to the bidder (Policyholder).
