The beneficiary of a policy of Deposit, provides individuals and legal persons, rest assured that if the provider of a service (fiado) breaches the obligations assumed in a contract, will be the bonding company, who does meet the obligation who assumed as guarantor of said provider.
What are the steps to follow to issue the corresponding claim?
Faced with a breach by the provider of a service, the most important thing is to know to whom we must appeal and what documents are those that must be submitted in order to issue such a claim. Subsequently, the beneficiary of the Bond Policy must validate the existence and enforceability of the secured obligation before the Surety Company.
Another factor that is essential to consider is the time you have to make it enforceable, that period previously stipulated in the policy and indicates the beneficiary from when it becomes due a Policy of Deposit, when incurred in default.
There are many cases in which the beneficiary does not know when their right to claim arises, which sometimes leads to the claim not proceeding. This frequently occurs with the Compliance Bonds, which are granted in the work contracts in order to guarantee the fulfillment of the obligations assumed by the contractor, such compliance culminates with the execution and delivery of the work within the agreed term.
In case this does not happen as agreed, the beneficiary will have 180 calendar days from when the bond is delayed in the execution of his work, to present the claim of the policy of said bond.
A policy of Deposit, the beneficiary provides legal certainty necessary for conducting business, making it less serious breach, if it occurs.
Do you need to ensure compliance with an obligation or contract? Contract a bond with us!