Advance payment bond: Difference between revisions
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imported>Doug Williamson (Create page. Sources: BBA webpage https://www.bba.org.uk/customers/business-banking/financial-support/bonds-guarantees/ and Nationwide sureties https://www.nationwidesureties.co.uk/advance-payment-bonds#:~:text=An%20Advance%20Payment%20Bond%20is,was%20mad) |
imported>Doug Williamson (Add link.) |
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== See also == | == See also == | ||
* [[Advance payment | * [[Advance payment]] | ||
* [[Bid]] | * [[Bid]] | ||
* [[Bid bond]] | |||
* [[Bond]] | * [[Bond]] | ||
* [[Customs bond]] | * [[Customs bond]] | ||
* [[Guarantee]] | * [[Guarantee]] | ||
* [[Performance bond]] | * [[Performance bond]] | ||
* [[Performance guarantee]] | |||
* [[Retention bond]] | * [[Retention bond]] | ||
* [[Surety]] | * [[Surety]] | ||
Latest revision as of 19:28, 4 March 2023
Trade finance.
An advance payment bond is a guarantee supplied by a party receiving an advance payment, to the party making the advance payment.
The advance payment bond is issued by a bank or insurance company in favour of the potential customer, to protect the customer against a contractor's failure to fulfil the contract satisfactorily.
It guarantees that the advance payment will be returned if that happens.
Also known as an advance payment guarantee.
