Park Assist is a NSW-based global leader in parking guidance, bay sensing and parking enforcement, and has deployed its patented technology in over 15,000 parking lots for Australian and overseas customers.
Park Assist secured a contract with the City of Seattle in the United States to provide an electronic parking guidance system for the city’s car parks.
Under the contract, Park Assist needed to lodge a performance bond worth 100 per cent of the contract value, with scope for the bond value to increase by 25 per cent in-line with possible increases in the contract value.
In the United States contractors are typically required to provide performance bonds to guarantee 100 per cent of the contract value, compared with 10 to 15 per cent of the contract price elsewhere.
We underwrote the performance bond to help Park Assist fulfil its contract, the company’s first with a US government authority.
The bond was issued by Liberty Mutual Insurance Company, a leading surety bond provider in the United States. Our relationship with Liberty Mutual allows us to provide eligible SME exporters with access to performance bonds in the US market.