Works and procurement bonds in Mexico - Chubb
 Surety

Works and procurement bonds

  • We have a versatile policy offer at your disposal.
  • We offer coverage of fulfillment, quality, competition, call for bids, advance payment, indemnities and penalties.

Throughout the different phases and stages of each project, Chubb places its experience and solidity at your disposal to guarantee the operations and services you provide.

COMPETITION

We help you to sustain offers presented in competitions and calls for bids, both at the signing of the contract and in the order if it should be awarded.

Benefits

As investor or buyer

  • Minimizes the probability of changes or adjustments to the prices agreed upon in the offers received.
  • Contributes toward compensating the damages due to noncompliance of the conditions in the offer.

As supplier, contractor or provider of services

  • For your clients, the bond is a guaranty of reliability, seriousness and commitment to the project.
  • Furthermore, it becomes a competitive advantage before the suppliers that do not have it.

Source documents

  • Bidding conditions
  • Copy of the proposal

ADVANCE PAYMENTS

Can be used to guarantee the proper investment or amortization of the resources delivered and received in partial payment, as well as the total or partial returning of the advance payment not invested or not paid off.

Benefits

As investor or buyer

  • We protect your investment from the beginning of the project, either as of the order or else as of the contract.
  • We help to reduce the possibility that the advance payments be diverted towards ends other than those defined originally.

As supplier, contractor or provider of services.

  • Does not increase your costs as our rates are lower than those of any financing.
  • With the bond, you give the investor more security.

Source documents

  • Bidding conditions
  • Copy of the proposal

FULFILLMENT

Guarantees that the obligations of orders and contracts are carried out according to the conditions stipulated.

Benefits

As investor or buyer

  • Validates and sustains the solvency and capacity in the fulfillment of the commitment by suppliers or contractors.
  • Increases the probability that the operation will come to fruition.

As supplier, contractor or provider of services.

  • The bond is a guaranty of reliability, seriousness and commitment before your clients.
  • With regard to your capability, it becomes a competitive advantage.

Source documents

  • Contract or order
  • Purchase order
  • Work order

QUALITY

Either in relation to materials or labor, this bond operates as a guaranty for the repairing of mistakes or hidden defects.

Benefits

As investor or buyer

  • The guaranty covers deficiencies discovered even after the execution of the work carried out.
  • Increases the probabilities of success of the operation.

As supplier, contractor or provider of services

  • Will help you win competitive advantages before your competitors.

Source documents

  • Contract or order
  • Purchase order
  • Work order
  • Document that stands security for the reception and/or delivery of the work carried out

INDEMNITIES, CONVENTIONAL PENALTIES AND OTHER COVERAGES

Our bonds also cover payments of penalties for nonfulfillment, delay in the delivery of the work and other contingencies.

Our clients

  • Suppliers
  • Contractors
  • Providers of services (person under bond)
  • Investors or beneficiaries in infrastructure
  • Investors or beneficiaries in capital assets
  • Investors or beneficiaries in the purchase of supplies and services