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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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We are medium size business asking our client to pay deposit

Customer Question

We are medium size business asking our client to pay deposit of 400,000 for the project worth over 2.5m . We need this deposit as we had to purchase materials for production through a factory in Italy which is currently producing our goods. Client requested after giving us LOI that he will require security bond. What is the easies way of getting this done and , what do we need to have , how does it works and how long it usually takes?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Has the client said what form the security deposit needs to take? Does it have to be with a bank? Would they accept a charge over the materials for example? Kind regards AJ

Customer: replied 1 year ago.
Hi , as per my question he wasn't an insurance bond
Customer: replied 1 year ago.
Sorry I was typing from the train yesterday. They want insurance bond ?
Expert:  Alex J. replied 1 year ago.

Thank you. The easiest to obtain this is to go to an insurance broker but obtaining this bond is going to be an added cost. Have they already paid you the money?

Customer: replied 1 year ago.
I have requested that now and wait for their quote and feedback