Surety bonds enable businesses to obtain Letters of Guarantee through a Surety Bond program. In such programs, an insurer guarantees that a third party will fulfill its obligations set forth in various types of contracts, covering from construction projects and service delivery, to typical business agreements between trade partners. The issuance of a Surety Bond may act as a financial guarantee for nearly all types of sales and purchase agreements.
Surety Bonds are essentially three-party agreements by which, one party (Guarantor) commits to a second party (Obligee) to cover any loss possibly incurred due to the inability of a third party (Principal) to abide by the terms and conditions set forth in a specific contract between the Obligee and the Principal.
For its Surety Bond Program, ΝΑΚ Katsiberis Insurance Brokers SA partnered with INTERAMERICAN, the biggest private insurer in Greece, owned by the Dutch Group ACHMEA, one of the largest insurance organizations worldwide.
Leveraging its know-how and expertise, ΝΑΚ decided to bring back to the Greek market the Surety Bonds, after several years, through an exclusive strategic partnership with INTERAMERICAN.
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At times of reduced liquidity, the letters of guarantee that are provided by an insurance company through a surety bonding program, offer flexibility and act as enablers of business growth.