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A NEW INSTRUMENT IN TURKISH FINANCIAL MARKET: SURETY BONDS

Year 2021, Volume: 13 Issue: 25, 904 - 917, 31.07.2021
https://doi.org/10.14784/marufacd.976563

Abstract

A surety bond is a three-party agreement between the contractor, the employer, and the surety in which surety ensures the contractor can fulfill the obligations regarding the contract against the employer. However, the usage of surety bonds in Turkey are quite different from USA and Europe. They are utilized in the place of letter of guarantee. Especially for the contractors with collateral shortage, the surety bond is much more advantageous than the bank letter of guarantee for the contractors since the surety bond does not reduce their credit limits within the banks. Thus, this paper aims to reveal the benefits of surety and targets increasing the awareness of surety bonds in Turkey.

References

  • ANADOLU SİGORTA (2019). Kefalet Sigortası Nedir. Retrieved February 8, 2021, Web site: https://www.anadolusigorta.com.tr/i/assets/images/documan/kefalet-sigortasi-urun-detay-bilgisi.pdf
  • AON (2019). Global Risk Management Survey. Retrieved January 20, 2021, Web site: 2019 Global Risk Mangement Survey - Report | Aon
  • BACHRACH, G. J. (1998). Salvage by the Surety. American Bar Association, Chicago, United States of America.
  • BARRU, D. J. (2005). How to Guarantee Contractor Performance on International Construction Projects: Comparing Surety Bonds with Bank Guarantees and Stand by Letters of Credit. Geo. Wash. Int’l L. Rev., 37, 51.
  • BEG, M. A. (2019). Default insurance and Surety bonds: The difference and how they operate. International Journal of Law. 5 (1) , 30-32
  • ENGINEERING NEWS RECORD (2019). ENR 2019 Top 250 International Contractors. Global Market Is Risky Business. Retrieved January 28, 2021, Web site: ENR 2019 Top 250 Global Contractors 1-100
  • EULER HERMES (2018). Kefalet Sigortası. Retrieved February 18, 2021, Web site: Kefalet Sigortası | Euler Hermes
  • GRATH, A. (2008). The Handbook of International Trade and Finance (2nd ed.). United Kingdom and United States of America, Kogan Page.
  • ICISA (2021). Surety Bonds. Retrieved May 18, 2021, Web site: SURETY-OVERVIEW-INSURED-EXPOSURE-2006-2019.pdf (icisa.org)
  • KANGARI, R., & BAKHEET, M. (2001). Construction Surety Bonding. Journal of Construction Engineering and Management, 127(3), 232–238.
  • KIRSCHNER, L. A., & GRANDY, E. B. (2003). Mining and the Vanishing Surety Bond Market. Natural Resources & Environment, 17(3), 152–189.
  • MCINTYRE, M. & STRISCHEK, D. (2005). Surety Bonding in Today’s Construction Market: Changing Times for Contractors, Bankers, and Sureties. The RMA Journal, 31.
  • REYNOLDS, R. J. J. (2021). Handling Surety Performance Bond And Payment Bond Claims. Retrieved May 18, 2021, Web site: reynolds_-_surety_performance_bond_claims_1.pdf (margolisedelstein.com)
  • RUSSELL, J. S. (2000). Surety bonds for construction contracts. American Society of Civil Engineers. Retrieved February 14, 2021, Web site: Surety Bonds for Construction Contracts | Books (ascelibrary.org)
  • SEIFERT, B. M. (2008). Sustainable Buildings and The Surety. Real Estate Issues, 33(3), 47-52.
  • TCA The Turkish Contractors Association (2020). Turkish Contracting In The International Market. Retrieved December 28, 2020, Web site: https://www.tmb.org.tr/doc/file/eng_ydmh_022020.pdf
  • THE SURETY & FIDELITY ASSOCIATION OF AMERICA (SFAA) (2017a). Bonding: Why and How. Retrieved February 12, 2021, Web site: The Surety & Fidelity Association of America (SFAA)
  • THE SURETY & FIDELITY ASSOCIATION OF AMERICA (SFAA) (2017b). A Government Leader’s Guide to Bonds. Retrieved May 8, 2021, Web site: GOV16_Surety_Handbook_V.pdf
  • TURKEY UNDERSECRETARIAT OF TREASURY (2014). Surety Bond General Terms. Retrieved December 18, 2020, Web site: Kefalet-ve-Tek-Risk-Sigortalarına-İlişkin-Genelge-20153.pdf (hmb.gov.tr)
  • TURKISH INSURANCE UNION FINANCIAL STATEMENTS AND STATISTICS (2021). Retrieved May 12, 2021, Web site İstatistikler (tsb.org.tr)
  • WHITELAW TWINING (W-T) (2020). Surety Bonds. Retrieved February 8, 2021, Web site: Surety Bonds as part of a Comprehensive Risk Management Program - Whitelaw Twining (02.02.2021)

TÜRKİYE FİNANS PİYASALARI İÇİN YENİ BİR ENSTRÜMAN: KEFALAT SİGORTASI

Year 2021, Volume: 13 Issue: 25, 904 - 917, 31.07.2021
https://doi.org/10.14784/marufacd.976563

Abstract

Kefalet senedi, yüklenicinin/ satıcının, işveren ya da alıcı makama yönelik olarak sözleşmeden doğan yükümlülüklerini
yerine getireceğinin sigorta şirketi tarafından kefil olunmasını ifade etmektedir. Türkiye finansal
piyasasında yeni bir enstrüman olan kefalet senedi, yüklenici firmanın işverene karşı sözleşmeden doğan yükümlülüğünü
yerine getireceğini garanti eden bir finansal enstrümandır. Kefalet senedi başta inşaat, enerji ve
altyapı olmak üzere her sektörde kullanılabilecek bir finansal enstrümandır. Öyle ki özellikle, GSYİH’nin yaklaşık
yüzde dokuzunu oluşturan ve yaklaşık 2 milyon kişiye istihdam sağlayan ve Türkiye’nin ekonomik kalkınmasında
önemli bir rol oynamakta olan inşaat sektörü için önemli bir enstrümandır. İnşaat, enerji ve altyapı gibi
taahhüt işlerinde yüklenici tarafından işverene sunulan teminat mektubuna alternatif olan bir enstrümandır.
Hazine Müsteşarlığı tarafından 2014 yılında yayımlanan “Kefalet Sigortası Genel Şartları” ile kefalet senedinin
Türkiye finansal kesiminde kullanımının yasal altyapısı oluşturulmuştur. Bu çerçevede bu çalışma dâhilinde kefalet
sigortasının tanımı, türleri ve oluşturulma süreci değerlendirilmektedir. Yine bu çalışma çerçevesinde teminat
mektuplarına alternatif oluşturan kefalet senedinin riskleri, fayda ve avantajları açıklanmakta ve böylelikle
bilinirliliğin artırılması ve kullanımının yaygınlaşması amaçlanmaktadır.

References

  • ANADOLU SİGORTA (2019). Kefalet Sigortası Nedir. Retrieved February 8, 2021, Web site: https://www.anadolusigorta.com.tr/i/assets/images/documan/kefalet-sigortasi-urun-detay-bilgisi.pdf
  • AON (2019). Global Risk Management Survey. Retrieved January 20, 2021, Web site: 2019 Global Risk Mangement Survey - Report | Aon
  • BACHRACH, G. J. (1998). Salvage by the Surety. American Bar Association, Chicago, United States of America.
  • BARRU, D. J. (2005). How to Guarantee Contractor Performance on International Construction Projects: Comparing Surety Bonds with Bank Guarantees and Stand by Letters of Credit. Geo. Wash. Int’l L. Rev., 37, 51.
  • BEG, M. A. (2019). Default insurance and Surety bonds: The difference and how they operate. International Journal of Law. 5 (1) , 30-32
  • ENGINEERING NEWS RECORD (2019). ENR 2019 Top 250 International Contractors. Global Market Is Risky Business. Retrieved January 28, 2021, Web site: ENR 2019 Top 250 Global Contractors 1-100
  • EULER HERMES (2018). Kefalet Sigortası. Retrieved February 18, 2021, Web site: Kefalet Sigortası | Euler Hermes
  • GRATH, A. (2008). The Handbook of International Trade and Finance (2nd ed.). United Kingdom and United States of America, Kogan Page.
  • ICISA (2021). Surety Bonds. Retrieved May 18, 2021, Web site: SURETY-OVERVIEW-INSURED-EXPOSURE-2006-2019.pdf (icisa.org)
  • KANGARI, R., & BAKHEET, M. (2001). Construction Surety Bonding. Journal of Construction Engineering and Management, 127(3), 232–238.
  • KIRSCHNER, L. A., & GRANDY, E. B. (2003). Mining and the Vanishing Surety Bond Market. Natural Resources & Environment, 17(3), 152–189.
  • MCINTYRE, M. & STRISCHEK, D. (2005). Surety Bonding in Today’s Construction Market: Changing Times for Contractors, Bankers, and Sureties. The RMA Journal, 31.
  • REYNOLDS, R. J. J. (2021). Handling Surety Performance Bond And Payment Bond Claims. Retrieved May 18, 2021, Web site: reynolds_-_surety_performance_bond_claims_1.pdf (margolisedelstein.com)
  • RUSSELL, J. S. (2000). Surety bonds for construction contracts. American Society of Civil Engineers. Retrieved February 14, 2021, Web site: Surety Bonds for Construction Contracts | Books (ascelibrary.org)
  • SEIFERT, B. M. (2008). Sustainable Buildings and The Surety. Real Estate Issues, 33(3), 47-52.
  • TCA The Turkish Contractors Association (2020). Turkish Contracting In The International Market. Retrieved December 28, 2020, Web site: https://www.tmb.org.tr/doc/file/eng_ydmh_022020.pdf
  • THE SURETY & FIDELITY ASSOCIATION OF AMERICA (SFAA) (2017a). Bonding: Why and How. Retrieved February 12, 2021, Web site: The Surety & Fidelity Association of America (SFAA)
  • THE SURETY & FIDELITY ASSOCIATION OF AMERICA (SFAA) (2017b). A Government Leader’s Guide to Bonds. Retrieved May 8, 2021, Web site: GOV16_Surety_Handbook_V.pdf
  • TURKEY UNDERSECRETARIAT OF TREASURY (2014). Surety Bond General Terms. Retrieved December 18, 2020, Web site: Kefalet-ve-Tek-Risk-Sigortalarına-İlişkin-Genelge-20153.pdf (hmb.gov.tr)
  • TURKISH INSURANCE UNION FINANCIAL STATEMENTS AND STATISTICS (2021). Retrieved May 12, 2021, Web site İstatistikler (tsb.org.tr)
  • WHITELAW TWINING (W-T) (2020). Surety Bonds. Retrieved February 8, 2021, Web site: Surety Bonds as part of a Comprehensive Risk Management Program - Whitelaw Twining (02.02.2021)
There are 21 citations in total.

Details

Primary Language English
Journal Section Makaleler
Authors

Mehmet Yeşilyaprak

Banu Erkök

Publication Date July 31, 2021
Submission Date June 9, 2020
Published in Issue Year 2021 Volume: 13 Issue: 25

Cite

APA Yeşilyaprak, M., & Erkök, B. (2021). A NEW INSTRUMENT IN TURKISH FINANCIAL MARKET: SURETY BONDS. Finansal Araştırmalar Ve Çalışmalar Dergisi, 13(25), 904-917. https://doi.org/10.14784/marufacd.976563