Works and procurement bonds in Mexico - Chubb
 Surety

Works and procurement bonds

  • We have a versatile range of policies.
  • We offer coverage of fulfillment, quality, competition, calls 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.

Coverage

Competition

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

Benefits

As an investor or buyer

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

 

As supplier, contractor or provider of services

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

Source documents

  • Bidding conditions
  • Copy of the proposal

Coverage

Advance payment

  • Serves to guarantee the proper investment or amortization of the funds delivered and received on account, as well as the total or partial returning of the advance payment not invested or not amortized.

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 reduce the possibility that the advance payments may be diverted towards ends other than those originally defined.

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 in accordance with the conditions stipulated.

Benefits

As investor or buyer

  • Validates and upholds 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 trustworthiness, seriousness and commitment before your clients.
  • With regard to your competition, it becomes a competitive advantage.

Source documents

  • Contract or order
  • Purchase order
  • Work order

Quality

  • Either with regard to materials or labor, this bond operates as a guaranty for the repairing of flaws or hidden defects.

Quality

  • Either with regard to materials or labor, this bond operates as a guaranty for the repairing of flaws 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

  • Helps you win in competitive advantages over your competitors

Source documents

  • Contract or order
  • Purchase order
  • Work order
  • Document that stands security for the reception and/or delivery of the works executed.

Indemnities, conventional penalties and other coverages

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

Our clients

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