Sopimusvakuus

Sopimusvakuus, a Finnish term, translates to contract security or contractual guarantee. It refers to a type of security that is provided by a contractor or supplier to a client or project owner to ensure the fulfillment of contractual obligations. This security mechanism is designed to protect the client from financial losses that might arise if the contractor fails to complete the project as agreed, defaults on payments, or breaches other terms of the contract.

The most common forms of sopimusvakuus include bank guarantees, insurance bonds, or a cash deposit. The specific form and amount of the sopimusvakuus are typically stipulated in the contract itself. The purpose is to provide the client with a readily available source of funds to cover potential damages or costs associated with the contractor's non-performance. For instance, if a construction project is not completed on time or to the required standard, the client can claim against the sopimusvakuus to hire another contractor or rectify the issues.

Sopimusvakuus can be broadly categorized into different types depending on the stage of the project or the nature of the obligation it secures. Common examples include a tender security (tarjousvakuus), which ensures that a bidder will enter into a contract if awarded; a performance security (suoritusvakuus), which guarantees the contractor's performance of the contract; and a warranty security (takuuvakuus), which covers defects that may appear after the completion of the work. The use of sopimusvakuus is prevalent in construction, public procurement, and other commercial agreements where significant financial stakes and performance risks are involved.