Cautionnement et garanties
Caution de retenue de garantie
Remplace la retenue de garantie en espèces conservée par le maître d'ouvrage par une caution d'assurance, libérant de la trésorerie pour l'entreprise sans modifier la position du maître d'ouvrage.
Boland's Quay, Dublin · William Murphy, CC BY-SA 2.0
À qui il s'adresse
Entreprises portant des retenues de garantie sur plusieurs marchés en cours
Ce qu'il fait
- Libère 3 à 5 % de la valeur du marché en trésorerie d'exploitation
- Court jusqu'à la fin de la période de garantie des vices
- Peut être émise en cours de contrat pour libérer une retenue déjà constituée
- Tarifé sur l'entreprise, non sur la signature du maître d'ouvrage
Le produit en détail
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.
Documentation
La documentation produit est remise aux intermédiaires accrédités. Demandez-la à votre souscripteur, ou demandez-la via le formulaire de demande.
- Texte de caution de retenue de garantieSur demande
- Modèle d'annexe contractuelleSur 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 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.
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.
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.
- Montant de la caution
- £200,000
- Durée
- 24 mois
- Taux de prime indicatif
- 0.90 % par an
- Prime pour la durée
- £3,600
- Frais d'émission et de mise en place
- £250
- Coût indicatif total
- £3,850
- Coût rapporté au montant de la caution
- 1.93% du montant de la caution
Comment le taux est construit
- Taux de base — Caution de retenue de garantie0.95 % 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 — Employeur en Irlande, au Royaume-Uni ou dans l'EEE+5%
- Durée — 13 – 36 mois+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
Voir ces chiffres sous forme de tableau
| Montant | Part | |
|---|---|---|
| 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% |
Adéquation
Où Caution de retenue de garantie 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
- 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.
Il faut regarder ailleurs lorsque
- 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.
Ce qu'il nous faut pour tarifer
- 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.
Questions
Ce que les courtiers nous demandent sur ce produit
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.
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