Retention Bonds | BBi Ireland
BBi Ireland can arrange independent or Retention Bonds to protect your business, vehicles, people and more. Get in touch to discuss your requirements today.
What are Retention Bonds?
A Retention Bond is a form of surety bond used in the construction sector to replace the need for retention funds. Traditionally, a percentage of a contractor’s payment would be withheld until the defects liability period had passed. A Retention Bond removes the need for this withholding.
Instead, the client accepts a bond from a regulated surety provider as a financial guarantee that defects or incomplete works will be resolved. If the contractor fails to rectify any issues during the agreed period, the bond can be called upon to cover the cost of repairs.
At BBi Ireland, we arrange tailored Retention Bond Insurance for contractors and developers, allowing both parties to operate with confidence and financial flexibility. lps contractors maintain healthy cash flow while giving clients the assurance they need.
Our Retention Bond Solutions
At BBi Ireland, we arrange comprehensive Retention Bond Solutions tailored to the needs of contractors, developers, and both public and private project owners.
Our knowledge in Surety Bonds for Construction ensures seamless processes, whether you’re securing a Contractor Retention Bond or protecting your investment in a major development. Trust us to arrange secure, efficient, and reliable cover for your construction projects.
Retention Bonds for contractors
With Retention Bond Insurance, contractors can receive full payment upon completion while still providing clients with performance guarantees. We can arrange bespoke cover for contractors, ensuring financial security throughout the project lifecycle and peace of mind for all parties.
Retention Bonds for developers
For developers, Retention Bonds offer financial security by ensuring that contractors meet their obligations. With Performance Bonds in Ireland, developers can safeguard their investments and avoid withholding funds for retention.
Retention Bonds for public & private projects
Whether you’re working on a government project or a private development, Surety Bonds for Construction ensure performance guarantees without withholding payments. With tailored Retention Bond Insurance, you can trust that your project will stay on track and fully protected.
Why Choose BBi as a Broker Partner
Our Heritage
Dedicated Account Manager
We have specific service level agreements with insurer partners, ensuring our clients get a great service.
In-house Claims Team
BBi Ireland has an experienced team of professionals looking after your needs when you need us the most.
35+ years’ experience
With up-to-date knowledge of the latest legislation and health and safety issues faced by companies across Ireland.
Flexible Cover
Our cover and payment methods are flexible so you can choose the option that suits your business needs.
One Stop Shop
We can arrange cover for a wide range of business and personal insurance requirements.
Why Choose BBi Ireland for arranging your Retention Bonds?
Why choose a retention bond?
A Retention Bond offers significant advantages for both contractors and developers in construction projects. For contractors, it ensures full payment upon completion, without the need for retention funds to be withheld. This improves cash flow and supports liquidity, particularly on larger projects.
Reliable Guarantee
For developers and clients, a Retention Bond Insurance provides a reliable guarantee that the contractor will address any defects, offering peace of mind. It allows a more flexible approach, as funds are not tied up in retention but remain accessible through the Surety Bond for Construction.
Securing Performance Bonds
By securing Performance Bonds in Ireland through BBi Ireland, developers ensure contractors maintain high-quality work, while contractors benefit from faster payments. Retention Bonds in Ireland support a balanced, mutually beneficial relationship, helping projects stay on track and protecting all parties involved.
Get protected today
Frequently Asked Questions
It’s important to get the right Retention Bonds for your business. To help you do that, here are our frequently asked questions about Retention Bonds. If you’d like some independent advice, please call us on +353 49 433 1038, and the team will be happy to help.
A Retention Bond secures funds for potential defects or incomplete work after project completion, offering an alternative to withholding retention. A Performance Bond, on the other hand, guarantees that a contractor will meet their contractual obligations, ensuring project completion to the required standard.
In construction, Retention Bonds offer an alternative to the traditional retention scheme, where a percentage of the contractor’s payment is withheld to cover potential defects. Instead of withholding funds, the client can request a Contractor Retention Bond or Surety Bond for Construction from a reputable insurer. This bond guarantees that funds will be available if issues arise after project completion.
Retention Bond Insurance helps contractors maintain cash flow while providing clients with the security of performance guarantees. During the defects liability period, if the contractor fails to rectify any faults, the bond can be called upon to fund the repairs.
The cost of a Retention Bond typically depends on the size and scope of the project, the contractor’s financial standing, and the level of risk involved. Our team will provide a tailored quote based on your specific requirements.
A Retention Bond typically lasts for the duration of the defects liability period, which is often 12–24 months after project completion. The bond is in place to cover any issues that arise during this period.
Both contractors and developers benefit from Retention Bonds. Contractors receive full payment without retention being withheld, while developers gain financial security and assurance that any defects will be rectified
