Many large construction projects require the purchase of materials in advance to avoid being impacted by changes in prices or availability of materials later. There is always a risk to the Employer in advancing money to a contractor to purchase these materials. An Advance Payment Bond or Guarantee is an insurance product that protects the Employer for the money being advanced to a Contractor. The Bond will provide cover should the Contractor default on completing the project after being paid in advance. While there is a cost in providing the Bond, it greatly assists the cash flow of the Contractor while protecting the Employer.
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