Unused Materials on Site Bond
Before any delivery of materials to site or constructed into the works, the contractor can obtain payment for the materials from the employer.
If the contractor fails to deliver the materials on site or does not build them into the works then the employer can call on the unused materials on site guarantee. This guarantee excludes theft or damage to the materials.
How we work
Blenheim has specific expertise in raising insurance-backed guarantees from leading insurers. The insurers with whom we deal are reputable and accredited with all employers in South Africa including all municipalities, ESKOM Ltd, Transnet SOC Ltd and blue-chip listed entities.
By working closely with leading specialist insurers, we provide facilities at affordable collateral levels (if your financials are strong then collateral may be waived) and our premium rates are very competitive.
A quotation usually takes 24 hours to finalise, subject to all information being received and, with all the correct documentation completed and information submitted, the facility can be put in place within four to seven working days. With the facility in place, a guarantee is issued within 24 to 48 hours. Your facility can then be used for all your future guarantees up to a prescribed facility limit and multiple guarantees can be issued.
Banks normally take 100% collateral and still charge fees to have such a facility in place. Our insurers offer lower collateral requirements and you pay only for the guarantees you require. There are no annual fees for having a facility in place via Blenheim.
A guarantee facility separate from the bank will enable your company to grow since your financing can be handled by the bank and we do your guarantees.
Three unique benefits Blenheim can offer you as a client:
- Free Letter of Intents when requesting via our website, hassle free
- Immediate Guarantee Exposure Reports generated via our tailored made software as and when required
- Dedicated account manager assigned to you once you become a client