 USA vrs. Europe Contract Bond
We are quoting a project in the USA to a company in Europe. It is common in Europe to obtain a Bond for the down payment amount upon award of the contract. The bond is for the down payment amount and is completed when we arrive on site. This protects the purchaser that we will not take off with the initial down payment. Typically this is 20% of the total contract and would be required for about 1 year from award to arrival on site. Value of the bond would be about $2,000,000.00 which is 20% of the contract. Is that available in the USA? |