Based on the provisions of article 279 of the Law on Insurance and Bonding Institutions, in order for the claim for a bond policy to proceed, the beneficiary of the same must submit the requested documentation to the surety with which said guarantee was processed..
When a breach of contract is presented by the guarantor, the beneficiary of a bond policy is entitled to issue the corresponding “claim” to make the bond effective.
In order to prove the existence and enforceability of the guaranteed obligation, it is important that the beneficiary immediately notify the surety that there was a breach of contract (prior or preventive notice).
It is very important that the beneficiary check with the surety the documentation that must be submitted to prove the non-compliance.
How is there guaranteed to be no undue decline?
In some cases, the legal determination that the surety itself determines the origin or inadmissibility of a claim, cause the beneficiary to ask if the act of said institution will be impartial, as this judge and party.
In order that said duality of faculties does not cause undue rejections or that they lack the necessary procedural formalities, it is fundamental that the declensions are duly substantiated.
The foregoing refers to the fact that it is very important that the surety companies ensure that the requests ruled as legally unfounded, present in writing the causes of the rejection, so that it is reflected why this conclusion is being reached.
It is important that the beneficiary knows clearly why he is being denied the payment of the bond policy, since in case he does not agree with such resolution, he has the right to go before the Condusef so that it is the competent authorities who determine the origin or inadmissibility of the claim.
It is the responsibility of the beneficiary of a bond policy, to know how to administer it correctly and to know the claim process so that, if necessary, it proceeds favorably.