Performance bond
A performance bond is intended for contractors. Through the bond, VÍS irrevocably guarantees payment to the client for any breach of contract by the contractor. The guarantee amount is typically specified as a certain percentage of the contract value.
To be eligible for a performance bond, the policyholder must be a customer of VÍS and must commit to reimbursing any amount that VÍS may be required to pay by providing real estate collateral or a pledge of assets.
A performance bond is intended for contractors. Through the bond, VÍS irrevocably guarantees payment to the client for any breach of contract by the contractor. The guarantee amount is typically specified as a certain percentage of the contract value.
To be eligible for a performance bond, the policyholder must be a customer of VÍS and must commit to reimbursing any amount that VÍS may be required to pay by providing real estate collateral or a pledge of assets.
The insurance covers
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Loss incurred by the client if the policyholder fails to fulfill their obligations under the contract.
The insurance does not cover
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Damage related to projects that are not specified in the policy document and are not part of the contract covered by the insurance.
Please note that the information about the insurance is not exhaustive. More detailed information can be found in the insurance terms.
In case of a discrepancy between this information and the insurance terms, the insurance terms apply.
Insurance terms and other information
The insurance terms is your contract with VÍS. It is important to thoroughly read the terms and understand what is covered and what is not, before purchasing the insurance.
We point out that the information document contains a brief summary of the main aspects of the insurance. Further information about the insurance can be found in the insurance terms.
Insurance terms and information document