Bonds

Centurion offers you the Bonds to finalize your projects and contracts.

Regular Bonds

What is a bond?

A surety bond is an agreement where the Guarantor guarantees the Beneficiary that the Principal will comply with the contract.

What is the responsibility of each party?

The Guarantor guarantees that the contract or commitment will be fulfilled. The Principal is the client who will fulfill what is in the contract and The Beneficiary who requires it from the Principal.

What is the difference between insurance and a bond?

An insurance compensates the insured for the loss in the occurrence of the event that happened. A bond compensates the beneficiary when the Principal did not honor the agreement.

Miscellaneous Bonds

Guarantee Bonds

Guarantees the beneficiary payments or credits.

Payment of Power or Water

Guarantees the beneficiary the payment of electricity or water bills.

Lease

Guarantees the beneficiary the payment of the rent.

Parking Operators

Guarantee Any damage done to the units in the operator's custody is covered by its negligence.

FHA Condominiums

This bond is required by the U.S. Department of Housing and Urban Development to qualify for FHA loans. The beneficiary is normally the condominium association and the principals are the employees, officers and directors of the condominium.

The deposit is made up of the full amount of funds in the reserve account and 3 months of maintenance payments for the apartments.

Taxes

Guarantees the payment of taxes to the state.

Travel agency

In case of negligence in the operation of a travel agency, third parties will be compensated for damages. This bond is requested by the Puerto Rico Tourism Company.

Airlines Reporting Corporation

Guarantee the payment of air tickets.

Customs Guarantees

the payment of tariffs imposed by Customs. Federal Maritime Commission Safety Administration (Carriers) Guarantees that the laws and regulations for the operation of merchandise carriers are complied with. Other Bonds Some guarantee not included in the previous options.

Licenses and Permits

Motor Vehicle Dealers

Ensures that the vehicle dealer follows the regulations in accordance with the operation of car dealers in Puerto Rico.

Bond for Mortgage Banks

Ensures that the mortgage bank follows the regulations in accordance with the Commissioner of Financial Institutions.

Bond for Employees of Mortgage Banks

Requirement of the Commissioner of Financial Institutions that guarantees any damage caused by employees working with loan closings for illegal acts.

Contractor Bonds

Guarantees small contractors both the completion of the work and the money that could have been advanced.

Security Guard Companies

Responds to wage claims and other workers' rights as it is issued in favor of the Department of Labor and Human Resources.

Real Estate Broker ("Real State")

Guarantees damages and damages to third parties for incorrect acts of Real Estate Brokers. Bail for Notary Lawyers Guarantees all types of fraud caused by notary lawyers.

Security Guards and Private Detectives

Guarantees the correct use of the license.

Department of Consumer Affairs (DACO)

Guarantees the repair of any damage to the residence as declared in the regulations of the Department of Consumer Affairs.

Judicial Bonds

Garnishment (Money Collection) In the event that a lawsuit does not proceed or that the seizure made was illegal, the bond guarantees damages to the defendant or any third party.

Bond Release of Garnishment It is the security given by the defendant to eliminate the lien placed by the plaintiff. Non-Resident Bond (“Non-Resident Bond”) This bond is required by the court when one of the parties is not a resident of Puerto Rico. Payment of legal costs and fees is guaranteed.

Fiduciary Bonds Bond that adapts to the requirements of each fiduciary and each bond has the sanction of the law and the court.

Appeal Bond Appeal a decision of the Court of First Instance to a higher hierarchy.

Construction

Bid Bond

‘This Guarantee, since the work is awarded to the winning bidder, the execution and payment bonds will be presented and the construction contract will be signed.

Execution (“Performance”)

The execution of the construction contract is guaranteed according to the plans and specifications.

Payment of Materials and Wages

The payment of materials to suppliers, payment of labor and debts with subcontractors are guaranteed.

Suppliers

This is a Service Suppliers bond.

Annual Bid Bond Supply

Services and materials.

Materials (“Supply Bond”)

Guarantee services and materials.

Restoration Bond

Guarantees you to restore to their original state the roads, highways, sidewalks and curbs impacted by the contractor.

Roofing Contractor Guarantee Bond

(“Material and Repair Guaranty Bond”)

Any deficiency due to the workmanship or material used in the repair of the roofs is guaranteed.

Subdivision Bond

Guarantees improvements in construction or existing facilities.

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