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Surety and Bonds
Surety bond solutions, including guarantees, are essential for businesses that require collateral for contractual obligations.
What is a
Guarantee Policy?
It is a document, issued by an insurance company, that guarantees that the policyholder or insured party complies with an obligation established in a contract or legal provision. In case of non-compliance, the policy covers the insured for the damages caused, up to the insured amount.
Types of Coverage
Bid Bond
As specialists in guarantee policies for companies, LTR Global offers policies that ensure the seriousness of the offers in the initial phase of a project, guaranteeing the receipt of the proposals before awarding the work or project.
This policy minimizes the risk that the bidders do not act seriously and offers compensation in the event of non-compliance.
In addition, in tenders, it guarantees that the successful bidder signs the final contract. It is important to note that this policy does not ensure compliance with the awarded contract, but rather the initial commitment and formality in the process.
Performance Bond
We offer solutions that ensure compliance, in a timely and proper manner, of the obligations established in a contract.
These policies are designed to compensate the insured in the event of non-compliance or defective compliance, thus eliminating any uncertainty about the correct performance of contracts signed with third parties.
Among our options is the "good execution of the work" policy, which guarantees that, once the work has been received, the insured will be responsible for repairing, at his own cost, any defect that may arise.
Advanced Payment Bond
Our advance payment guarantee policies allow the funds needed to execute a contract to be granted with the assurance that they will be invested correctly and in a timely manner. If this is not fulfilled, our company assumes responsibility for any loss or damage that may arise.
This insurance facilitates the speed and fluidity in the execution of the contract, avoiding an excessively cautious policy in its financing.
With this type of policy, we cover the risk that the money given to the contractor for the execution of a project or work is used for a purpose other than the original, thus ensuring the good use of resources and the success of the project.
Exchange of Withholdings
Our retention guarantee policies allow a contractor to obtain payment of the retentions applied to contractual payment statements, while the client retains full guarantees of contract performance.
This insurance offers the benefit of not reducing the contractor's working capital, alleviating their financial burden and facilitating the successful completion of the contracted work or service. In this way, we ensure that our clients have the necessary liquidity to continue operating without interruptions, while ensuring compliance with contractual obligations.
Correct Professional Performance
At **LTR Global**, we offer guarantee policies that ensure the correct and complete fulfillment of all obligations that a contractor, such as a securities agent, stockbroker, mortgage mutual fund administrator, investment fund administrator, or customs agent, has in the exercise of its operations.
This policy protects the creditors of the insured, covering their credits in case the contractor incurs liability due to non-compliance with its obligations.
In this way, we ensure that our clients operate with confidence, knowing that their commitments are backed by a solid guarantee.
Green Sales
Policies that guarantee the faithful fulfillment of the promise of sale contracts.
These policies are designed to cover the obligation of the prominent seller to formalize the definitive contract of sale and register the property in the corresponding Real Estate Registrar.
If this does not occur due to causes attributable to the real estate agency, the money paid as an advance on the sale is returned to the insured.
We are the only company that offers electronic signature for this type of policies, facilitating their management.
In addition, the insured can verify the authenticity of their policies in a simple and fast way, entering their RUT and the policy number provided by the real estate agency.
Private Warehouse
At LTR Global, we offer immediate execution insurance policies that comply with the requirements of the National Customs Service to enable temporary import warehouses for merchandise.
These policies allow importers to defer payment of part of the import costs by providing a guarantee for an amount equivalent to the duties, taxes, fees and levies caused by the corresponding imports.
Our guarantee policy ensures that the merchandise will not be removed from the private warehouse without having previously paid the corresponding duties and taxes, thus providing a reliable and efficient solution for the management of temporary imports.
Temporary Admission
Our policies guarantee the National Customs Service that any goods temporarily imported into the country will not be sold without prior payment of the duties, taxes, fees and levies corresponding to that import.
This policy offers security by ensuring that, during the authorized period, the goods will not be sold or transferred without complying with all tax obligations, thus providing complete protection for temporary customs operations.
Our bail bond services include:
Types of Bonds
· Performance Bonds
They guarantee the performance and fulfillment of contractual obligations.
· Credit and/or Payment Bonds
A Credit Guarantee is a guarantee of compliance with the credit obligations of natural or legal persons, related to the payment of a certain sum of money.
Surety bonds provide a safety net for both contractors and project owners.
According to Policy Types
1
With Claims Adjuster
This type of policy is distinguished by the involvement of a claims adjuster at the time of a loss, who determines the indemnity amount and quantifies the loss.
2
On First Demand and Immediate Execution
In this type of policy, the insured determines the indemnity amount, and payment is made upon their request, without the involvement of a claims adjuster. It is equivalent to bank guarantees.
Bonds can make your offers more attractive in competitive markets
Advantages of Guarantee Policies and Surety Bonds
Financial
· Reduces Debt Levels in the Financial System.
· Better Valuation of Counter-guarantees.
• Provides more liquidity and flexibility than a bank guarantee.
Commercials
· Greater Agility in Issuance
· Endorsable to a third party