SAC’s consultations with construction buyers from 2003 to 2012 involved more than a simple sales pitch to buy bonds. We engaged them in wide ranging discussions about their performance security needs and developed several new and innovative products to address some of their more pressing concerns. For example:
SAC Performance Bond
In 2012 SAC introduced a new “enhanced” performance bond that provides greater certainty and responsiveness around the claims process. For a more information, click here.
Multi-Year Bonds for Service Contracts
Public owners; particularly municipalities have long sought bonds for service contracts such as waste collection, recycling and snow removal that extended for five years or longer. Although long term obligations had always been a challenge for the surety industry, SAC worked with members to develop a Multi-Year Renewable Performance Bond which allows for the flexibility of mid-term reviews and enables the surety company and principal to extend the protection through a Continuation Certificate for a series of renewal terms. For a more information, click here.
Multi-Year Bonds for Long Term Warranties
In December of 2012, SAC introduced the Multi-Year Renewable Maintenance Bond, which provides protection for extended warranties on construction contracts or for stand-alone maintenance contracts. These renewable maintenance bonds work in the same manner as the multi-year performance bond and provide owners with warranty protection beyond the traditional one year. For a more information, click here.
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