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Advance payment bond
Practical Law UK Standard Document 7-518-6787 (Approx. 9 pages)
Advance payment bond
by Practical Law Construction (based on a Practical Law Finance document contributed by Karen Spencer and Sarah Sabin of Gateley (Manchester) LLP)
An on-demand advance payment bond (sometimes also called an advance payment guarantee) involving an independent payment obligation, to be issued in letter form, typically by a bank. The bond is primarily intended for use on a construction and engineering project, although it could be used or adapted for other commercial supply contracts, including where a customer pays a supplier in advance for a piece of machinery or equipment.
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