Cautionnement et garanties
Caution de bonne exécution
Protège le maître d'ouvrage contre le coût d'achèvement d'un marché en cas de défaillance de l'entreprise. Émise à première demande ou sur défaut constaté, dans le texte souhaité par le maître d'ouvrage lorsqu'il nous est acceptable.
Boland's Quay, Dublin · William Murphy, CC BY-SA 2.0
À qui il s'adresse
Entreprises générales et sous-traitants soumissionnant des travaux publics et privés
Ce qu'il fait
- Textes à première demande et conditionnels (sur défaut)
- En général 10 % de la valeur du marché, des pourcentages plus élevés étant étudiés au cas par cas
- La caution reste en vigueur jusqu'à la réception des travaux ou, lorsque cela est exigé, jusqu'au terme de la période de garantie des vices
- Les textes sont relus par un souscripteur, non par un vérificateur de modèles : les modifications reviennent motivées
- Reste en dehors de vos lignes bancaires : vos concours confirmés restent disponibles
Le produit en détail
A performance bond is the employer’s answer to a simple question: if this contractor stops, who pays for someone else to finish? The bond is a promise by an insurer to make good the employer’s loss up to a stated maximum — conventionally 10% of the contract sum — if the contractor fails to perform. It is not insurance for the contractor. It protects the employer, at the contractor’s expense, and the contractor signs a counter-indemnity agreeing to reimburse us for anything we pay out.
That structure is why surety is underwritten like credit rather than like property insurance. We are not pricing the chance of an accident; we are forming a view on whether a business can deliver what it has promised, and whether it could repay us if it did not. The balance sheet, the order book, the concentration of that order book in one employer, and the record of finishing on time all matter more than the site.
The wording matters as much as the number. A conditional bond obliges the employer to establish default and prove loss before we pay. An on-demand bond obliges us to pay on a compliant written demand, and to argue about it afterwards — which is a materially different obligation and is priced as one. We read the employer’s form before we issue on it, and amendments come back with reasons.
Documentation
La documentation produit est remise aux intermédiaires accrédités. Demandez-la à votre souscripteur, ou demandez-la via le formulaire de demande.
- Modèle de texte de caution de bonne exécutionSur demande
- Formulaire de proposition cautionSur demande
- Liste de contrôle des informations financièresSur demande
Comment cela fonctionne
Ce qui se passe, dans l'ordre
De la première demande jusqu'à la mise en place de la garantie, du contrat ou de la ligne.
The contract sets the requirement
The tender or the signed contract states the bond percentage, the wording and the expiry — practical completion, or the end of the defects liability period. That clause is the specification we work to.
We underwrite the applicant, not the project
Audited accounts, current management figures, the contract schedule and the aggregate of bonds already outstanding. What we are testing is the covenant behind the counter-indemnity.
A facility is agreed, and bonds draw down against it
Most contractors take an annual surety facility with a total exposure limit. Individual bonds are then issued against it in days rather than weeks, because the credit work is already done.
The bond is issued and the counter-indemnity signed
The company, and where required its parent or directors, signs the counter-indemnity. The bond issues on our own paper, from the entity that carries the risk.
It expires, and the exposure is released
On the expiry trigger in the wording. We ask for the certificate of practical completion or the employer’s release so the facility limit is freed for the next bond.
Les chiffres
Un exemple chiffré
Des calculs donnés à titre indicatif, pour que la structure du produit se voie plutôt qu'elle se décrive. Rien ici n'est une offre ni une projection.
A £2.4m contract, bonded at 10%
A regional civil engineering contractor wins a £2.4m water services contract for a local authority. The contract requires a 10% performance bond — £240,000 — on the employer’s own conditional wording, running 30 months to the end of the defects liability period.
The applicant is strong and consistently profitable, with modest gearing, and the parent company signs a counter-indemnity.
- Montant de la caution
- £240,000
- Durée
- 30 mois
- Taux de prime indicatif
- 0.94 % par an
- Prime pour la durée
- £5,640
- Frais d'émission et de mise en place
- £250
- Frais d'examen du texte
- £350
- Coût indicatif total
- £6,240
- Coût rapporté au montant de la caution
- 2.60% du montant de la caution
Comment le taux est construit
- Taux de base — Caution de bonne exécution1.05 % par an
- Solidité financière — Tranche 2 — solide et régulièrement rentable−5%
- Garantie apportée — Contre-garantie de la société mère ou des dirigeants−10%
- Texte — Conditionnelle — le défaut doit être établiAucun ajustement
- Bénéficiaire — Organisme public irlandais ou britannique, Revenue ou HMRCAucun ajustement
- Durée — 13 – 36 mois+5%
Priced by the same function as the bond calculator, so this figure and a quotation for the same inputs cannot disagree. Indicative only — nothing here binds an underwriter.
What the applicant’s balance sheet does to the rate
The same £240,000 bond, the same 30-month term, the same wording — priced across our five financial strength bands.
Voir ces chiffres sous forme de tableau
| Valeur | |
|---|---|
| Band 1 — Band 1 — net worth well above the bond value | 0.83% |
| Band 2 — Band 2 — strong and consistently profitable | 0.99% |
| Band 3 — Band 3 — satisfactory, with some volatility | 1.20% |
| Band 4 — Band 4 — adequate, monitored quarterly | 1.51% |
| Band 5 — Band 5 — newly formed or thinly capitalised | 1.93% |
Adéquation
Où Caution de bonne exécution trouve sa place
Les cas auxquels il répond, ceux auxquels il ne répond pas, et ce qu'un souscripteur demande avant de tarifer.
C'est la bonne réponse lorsque
- The contract requires a bond as a condition of award, and the alternative is a bank guarantee that would consume committed facilities.
- The contractor is bidding regularly and wants a standing facility rather than a negotiation per contract.
- The employer is a public body or a substantial corporate using a recognisable form of wording.
Il faut regarder ailleurs lorsque
- The requirement is really for retention to be released — a retention bond is the cheaper instrument.
- The obligation is a payment rather than performance; that is a financial guarantee, underwritten differently.
- The contractor has no audited accounts and no parent able to counter-indemnify.
Ce qu'il nous faut pour tarifer
- 1.Two years of audited accounts and the most recent management accounts.
- 2.The contract or tender documents, and the bond wording required.
- 3.A schedule of contracts in progress, with values, and of bonds already outstanding.
Questions
Ce que les courtiers nous demandent sur ce produit
Does the bond appear in our bank facilities?
No. It is issued by an insurer, not by a lender, so it does not draw on committed lines or overdraft headroom. That is the commercial reason most contractors move surety away from their bank.
Will you issue on the employer’s wording?
Usually, and an underwriter reads it first. Where a clause is unacceptable — an unlimited extension right, for instance — the amendment comes back with the reason, which is generally enough for the employer’s advisers.
What happens if the employer calls the bond?
On a conditional bond we investigate whether default has occurred and what loss flows from it. On an on-demand bond we pay a compliant demand and then look to the counter-indemnity. Either way the contractor is asked for its position immediately.
Can the bond be extended?
Yes, by endorsement, subject to the exposure still being within the facility. An extension carries a further premium for the additional period and a minimum charge.
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Le formulaire parvient à un souscripteur à Dublin. Si vous êtes intermédiaire, dites-le et nous l'orienterons vers le bureau courtiers.