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In the United States, down payments for home purchases typically vary between 3.5% and 20% of the purchase price. [1] The Federal Housing Administration has advocated lower down payments since its inception in 1934, and, currently, borrowers that qualify for an FHA loan pay only 3.5% for a down payment.
A bank guarantee is a kind of guarantee from a lending organization. The bank guarantee also signifies that the lending institution ensures that the liabilities of a debtor are going to be met.
A money-back guarantee, also known as a satisfaction guarantee, is essentially a simple guarantee that, if a buyer is not satisfied with a product or service, a refund will be made.
A surety bond is defined as a contract among at least three parties: [1]. the obligee: the party who is the recipient of an obligation; the principal: the primary party who will perform the contractual obligation
A payment bond is a surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. [1] They are required in contracts over $35,000 with the Federal Government and must be 100% of the contract value. [2]
In the United Kingdom, bid bonds are commonly used in various industries such as construction, supply, and service contracts. One notable application of bid bonds in the UK is for securing HM Revenue and Customs (HMRC) bonds, [2] which are required for businesses dealing with goods subject to excise duty, such as alcohol, tobacco, and fuel.
A job requiring a payment and performance bond will usually require a bid bond, submitted when bidding for the job. [2] When the job is awarded to the winning bid, a payment and performance bond will then be required as a security to the job completion.
1 Specific to common law jurisdictions; 2 Specific to civil and mixed law jurisdictions; 3 Historically restricted in common law jurisdictions but generally accepted elsewhere; availability varies between contemporary common law jurisdictions