Avales y caución
Aval de retenciones
Sustituye la retención en efectivo practicada por el comitente por un aval de seguro, liberando circulante al contratista sin alterar la posición del comitente.
Boland's Quay, Dublín · William Murphy, CC BY-SA 2.0
Para quién es
Contratistas con retenciones vivas en varios contratos simultáneos
Qué hace
- Libera entre el 3 y el 5% del valor del contrato como circulante
- Vigente hasta el final del periodo de responsabilidad por vicios
- Puede emitirse a mitad de contrato para liberar retenciones ya practicadas
- Se tarifica sobre el contratista, no sobre la solvencia del comitente
El producto en detalle
Retention is the oldest cash-flow problem in construction. An employer holds back 3% to 5% of every payment as security for defects, releases half at practical completion and the rest at the end of the defects liability period — often two years later. Across a live order book, that is a permanent, unremunerated loan from the contractor to its employers, and it is money the contractor has already spent on wages and materials.
A retention bond replaces the cash. The employer accepts a bond from an insurer instead of holding the money, and the contractor gets its retention paid in the ordinary payment cycle. The employer’s position is unchanged: it can still call on the bond for defects. The contractor’s position changes considerably, because the working capital comes back into the business.
The arithmetic is usually decisive. A contractor with £4m of turnover carrying 5% retention has £200,000 tied up. The bond premium on that exposure is a small fraction of the cost of financing the same sum on an overdraft, and it does not use the overdraft.
Documentación
La documentación de producto se facilita a los intermediarios acreditados. Pídala a su suscriptor o solicítela mediante el formulario de consulta.
- Texto de aval de retenciónA petición
- Plantilla de anexo del contratoA petición
Cómo funciona
Qué ocurre, en orden
Desde la primera consulta hasta el momento en que la cobertura, el contrato o la línea queda en vigor.
The contract allows a bond in lieu of retention
Most standard forms do. Where the contract is silent, the employer’s agreement is needed first — we can supply wording for that conversation.
We price on the contractor, not the employer
The risk is that the contractor fails to remedy a defect, so the underwriting looks at the contractor’s balance sheet and its record, not at the employer’s covenant.
The bond issues and the retention is released
It can be issued at the start of a contract, or mid-contract to release retention already held. The employer releases the cash against the bond.
It runs to the end of the defects liability period
Then it expires, on the employer’s certificate. Any defect notified in the meantime is dealt with under the wording before release.
Las cifras
Un ejemplo resuelto
Cálculos ilustrativos, para que la forma del producto se vea en lugar de describirse. Nada de lo que aquí figura es una oferta ni una proyección.
Releasing £200,000 of retention on a £4m contract
A fit-out contractor has £4m of work with a single corporate employer holding 5% retention — £200,000. A retention bond is issued mid-contract, running 24 months to the end of the defects liability period, on our standard conditional wording.
The contractor is in band 2, with a director counter-indemnity.
- Importe del aval
- £200,000
- Plazo
- 24 meses
- Tasa de prima indicativa
- 0.90% anual
- Prima por el plazo
- £3,600
- Comisión de emisión y formalización
- £250
- Coste indicativo total
- £3,850
- Coste sobre el importe del aval
- 1.93% del importe del aval
Cómo se construye la tasa
- Tasa base — Aval de retenciones0.95% anual
- Solidez financiera — Banda 2 — sólida y rentable de forma constante−5%
- Garantía aportada — Contragarantía de la matriz o de los administradores−10%
- Texto — Condicional: hay que acreditar el incumplimientoSin ajuste
- Beneficiario — Empleador corporativo en Irlanda, el Reino Unido o el EEE+5%
- Plazo — 13–36 meses+5%
Compare the total against the cost of financing £200,000 for two years, or against what the business earns on its own working capital. That comparison, not the rate, is what a retention bond is bought on.
Where the £4m contract sum sits
Certified payments against retention held — and it is the small slice that the bond converts back into working capital.
Contract sum
£4,000,000
- Certified and paid£3,800,000 · 95%95% of the contract sum, paid in the ordinary cycle
- Retention held as cash£200,000 · 5%5%, released half at practical completion and half up to two years later
Ver estas cifras en una tabla
| Importe | Proporción | |
|---|---|---|
| Certified and paid — 95% of the contract sum, paid in the ordinary cycle | £3,800,000 | 95.0% |
| Retention held as cash — 5%, released half at practical completion and half up to two years later | £200,000 | 5.0% |
| Contract sum | £4,000,000 | 100% |
Idoneidad
Dónde encaja Aval de retenciones
Los casos que resuelve, los que no, y lo que un suscriptor necesita antes de tarificar.
Es la respuesta adecuada cuando
- Retention is material against the contractor’s working capital, and the employer will accept a bond.
- Several contracts each hold retention, so the cumulative sum is significant.
- Retention already held can be released mid-contract.
Conviene mirar otra cosa cuando
- The contract prohibits a bond in lieu of retention and the employer will not vary it.
- The defects liability period is unusually long and unindexed, making the bond term uncertain.
Lo que necesitamos para tarificar
- 1.The contract, and the clause dealing with retention.
- 2.Accounts, management figures and the contracts schedule.
- 3.The value of retention held, or to be held, and the release dates.
Preguntas
Lo que los corredores nos preguntan sobre este producto
Is it cheaper than leaving the cash with the employer?
That depends on what the business does with the money. The comparison to make is the premium against the cost of financing the same sum, or against the return on deploying it in the business.
Can a bond release retention already held?
Yes. Mid-contract issue is routine, and it is the most common reason a contractor asks for one.
Does the employer lose protection?
No. The bond gives the employer recourse for the same defects the retention secured, up to the bond value, for the same period.
Solicitar información
Consúltenos sobre Aval de retenciones
El formulario llega a un suscriptor en Dublín. Si es intermediario, indíquelo y lo dirigiremos a la mesa de corredores.