In international trade, it is common for an overseas buyer to require their supplier to provide bonds (or guarantees) as a condition of a contract.
Performance Bonds is also often a prerequisite for contractors and subcontractors providing goods or services to domestic export-related contracts.
Platinum Wealth Trade Finance can assist in circumstances where a bank is unable or unwilling to provide a performance bond, or it requires security that an exporter or company is unable to provide. We can either issue bonds directly or provide a guarantee to a bank issuing a bond.
Types of bonds that we can provide include:
Advance payment bonds:
An advance payment bond provides the buyer with security for their advance payment under an export contract.
Give the buyer of a product or service assurance that if the company does not perform its obligations under the export contract, the buyer can call on the bond to reduce its losses.
Protects a buyer from loss if the goods or services provided do not meet the contractual warranty obligations after the contract is completed.