Retention is normally a % of the contract payment due to the Contractor that is retained by the employer to ensure that all works are completed as per the contract. Part of the retention money is paid at practical completion but the Contractor normally has to wait for the expiry of the maintenance period for the final element to be released. Waiting for retention monies can often cause cash flow problems for the Contractor and therefore a Retention Bond can assist both the Contractor and the Employer.
This type of Surety Bond protects the employer that he can release the final element of payment and know that he has security if the work is not completed as per the contract. It is also beneficial to the contractor in that they can have the final element of the funds released.
Thomond Bonds are here to help you through the process of obtaining your Retention Bond.
If Thomond has already provided you with an existing or previous Bond for bid, performance of advance payment for this contract the process will simply be to submit an application form for a Retention Bond.
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