How we can help
We advise on all aspects of bonds and guarantees, including:
- Bespoke, complex bond/guarantee wordings, facility/indemnity agreements, security arrangements, co-surety agreements, and inter-creditor agreements.
- Positioning bonds and guarantees in complex project structures.
- Performance, adjudication and retention bonds on construction/infrastructure projects.
- Refund guarantees and advance payment bonds.
- Payment service/electronic money safeguarding guarantees.
- Bank sub-participation/syndication agreements.
- Pension bonds.
- Positioning of sureties in corporate restructurings and work-outs.
- Managing bond claims in construction and the wider commercial sector: assessing and, where appropriate, disputing and/or negotiating settlement.
- Backed up by in-house specialist sector knowledge/expertise, helping sureties and brokers analyse and explore innovative new market opportunities, including technology, defence, education, health, shipping, transport, retail and energy.
Our experience
We have years of experience advising sureties on a wide range of matters and in a variety of sectors. We will be able to help you. Recent examples of our experience include:
- Carillion collapse: Negotiating and settling multiple bond claims following insolvency of the Carillion Group.
- Various PPP projects (student accommodation, community nursing units, schools, social housing): Acted for issuers of adjudication and retention bonds.
- Decommissioning bonds: Advising panel of sureties in relation to their entry into new or enhanced facility and intercreditor arrangements to enable sureties to offer uncommitted bonding lines worth approx. £200m.
- Pension Bonds: Acted for issuers of pension bonds in excess of £120 million for a FTSE 100 company.
- French shipbuilder: Acted for multi-surety panels on advance payment refund guarantee programmes (in aggregate €1 billion+) to support the construction of a series of cruise vessels in France.
- Payment Services Regulations: Development of a form of surety bond meeting the requirements of the Payment Services Regulations 2017.
- Successfully settled a disputed performance bond claim in excess of US $65 million relating to a LNG plant in South America.
- Negotiating terms of surety participation in bank guarantee programme re statutory workers compensation obligations.
- Drafting facility/indemnity documentation for many sureties in the UK market.
