Entering a new market can be a vital part of your business growth strategy. Working with new customers in a different economy can provide valuable insights for innovation or service development which could be brought back to the home market. With a foothold in several territories, the business will have a more diversified portfolio across markets which may be at different stages of the economic cycle in your sector.
Such opportunities also carry unavoidable risks that must be assessed and mitigated wherever possible. Business practice, legal frameworks and local culture hold many variations so that it is dangerous to assume your experience in your home market will apply elsewhere. The time spent researching and rewarding will be well rewarded.
For example, in Latin America you may face demands for fianza. In Eastern Europe, an abstract demand guarantee may be required and in parts of Africa, a cautionnement under French law. These terms may be unfamiliar but all relate to an important principle: the requirement in those markets for protection in bidding and tendering process, and during the course of the contracted work.
As your business reach extends, make sure you have access to the support and services you need for each market, contract type and employer (government contracts may be different from contracts for private companies).
With experienced resources of over 200 countries, we can help you plan your work with employers across the world, in any sector. Our knowledge of local conditions is unrivalled, and it’s backed by the financial strength and technical expertise of a global insurer. From the first steps through to the completed contract, we can work with you to grow with confidence.
Your business partners may request guarantees before they will trade with you. You can rely on us to help you build lasting and successful business partnerships with confidence. When you take our bonding cover, we are an independent guarantor and take on the liability for you. Our bonds and guarantees have a high standing based on an AA- rating from Standard & Poor's. Our correspondents around the world will use their market knowledge to help you analyse risks and put in place the protection you need. We will propose the best bond or guarantee after careful analysis and consideration of your business and the requirements of any contract you are bidding for. You can rely on us to establish the guarantees your business trading requires for international markets and to gain the trust of your business partners in markets around the world.