Third Party Beneficiary
“An entity who is not a party to a contract but has legal rights to enforce the contract or share in proceeds because the contract was made for the third party’s benefit.”
We ensure that in our arrangements with contracted freight and warehousing service providers, our customers’ best interests are protected through contracts with the customer named a third party beneficiary.
We execute sophisticated financial instruments on top of contracts with our customers to further protect against any service failures. A certified performance bond is typically issued in favor of our customer to protect them against any risks.
“A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.”