The Compliance Bonds, belong to the Branch III of the classification of bonds in Mexico ( Administrative ). Its function is to ensure compliance with the obligations stipulated in a contract, which may be a work, lease, order or purchase order.
By means of a Compliance Bond, it can be guaranteed that the company providing a service will carry out the work as agreed, otherwise, the contracting party will have the right to make the Guarantee valid, which will work as a type of compensation for the damages and losses derived from the breach.
What is needed to process this type of deposit?
It is very important to gather all the documentation requested by the bondholders, which varies if it is a Physical or Moral Person. Said documentation must be presented in original and copy for comparison.
In addition, the formats requested by the bonding company are filled out and the corresponding payment is made. It is very important that there are no arrears in the Credit Bureau, since this prevents the issuance of the same.
The Compliance Bonds are issued for 10% of the total value of the contract, guaranteeing various obligations borne by the debtor: the conventional penalty, compensation for non-compliance or timely compliance.
Through this type of Bond, it is ensured that the company that provides a service, will carry out the work as agreed, otherwise, the contracting party may make the Compliance Bond, which works as a kind of compensation for the damages and losses resulting from said non-compliance.
How can I quote a bond with Paron?
With Paron, the bail process is very simple, fast and at the best market cost. We are interested in providing physical and moral persons with the necessary security and support at the time of doing business, always guaranteeing the protection of your interests.
On our website, you will find a form in which we ask you to indicate your name or company name, email, state, type of deposit required and telephone. Our professional advisors will contact you to follow up on your request!