The Administrative Bonds, belong to Branch III of the types of Bond that exist in our country. Are those that are used to guarantee legal or economic obligations that are derived from contracts, purchase orders, orders, among other things, established between two people, which can be physical or moral. Among its objectives, not only is ensuring that these obligations are met, they also guarantee that they are carried out in the time, quantity and quality that were previously stipulated in the contract.
There are different types of Administrative Bonds, specialized in ensuring compliance with different obligations and types of contracts
- Competitions and / or Bidding: They guarantee the support of the offers made by the participants of the bids or contests, whether public or private, carried out for the purpose of determining the contractor deserving the award of a certain work.
- Advance: This type of Administrative Bond guarantees the proper use and correct application of the advance payment that the beneficiary gives to the guarantor, for the execution of the obligations stipulated in a work contract, or in its absence, the total or partial refund of the same.
- Good Quality and / or Hidden Defects: They guarantee the good quality of the built goods, material or equipment installed or sold by the guarantor to the beneficiary, or failing that, they ensure the repair of hidden defects or defects that may appear after delivered the work or material, said time must be previously agreed between the two parties.
- Compliance: Its function is to guarantee the total or partial fulfillment of the obligations stipulated in a work contract. Through this type of Bond, the beneficiary is assured that the company that provides a service will carry out the work according to the established, otherwise, the Compliance Bond may be valid.
- Credit: This type of Administrative Bond only applies to PEMEX, CFE and CAPUFE and is used to guarantee that the obligations consistent with the payment of money are carried out.