EFIC helped Park Assist with a bonding line

Sydney-based Park Assist Pty Ltd, a global leader in parking guidance, bay sensing and parking enforcement, secured a US$780,000 contract with the City of Seattle to provide an electronic parking guidance system for the city’s downtown parking lots.

Under the contract, the company 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.

Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency, 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 (Liberty Mutual), a leading surety bond provider in the United States, under an ongoing arrangement between EFIC and Liberty Mutual. 
‘Our company is growing dynamically in Australia and overseas’, said managing director Daniel Cohen, who co-founded Park Assist with Richard Joffe in 2005. ‘EFIC’s support with the US surety bond freed up a significant amount of our working capital, helping us to fund our strong export growth.’

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.

The relationship between EFIC and Liberty Mutual makes it easy for EFIC to provide eligible SME exporters with access to performance bonds in the US market.

Park Assist’s parking management system in Seattle will include dynamic LED message signs that provide real-time information to motorists on parking space availability in the central business district.

Park Assist has deployed its patented technology in over 15,000 parking lots for Australian and overseas clients.

See Park Assist car park technology on YouTube.

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