Aussie Bonds Australia Pty Ltd is a proud member of the Australian Surety Association.
What is a Bond?
A Bond can be used in a range of situations where a Customer is required to supply a cash deposit or secured bank guarantee to secure a Contract. The Bond acts as a substitute to the cash deposit or secured bank guarantee, allowing the Customer to "free up" these funds for other uses.
The Bond is effectively collateral and if the Customer fails to perform their obligations under the terms of the Contract, then the Beneficiary of the Bond may lodge a claim against the Bond Amount.
The Insurer will pay out this Claim Amount in the time specified within the Terms and Conditions of the Bond.