The various bonds which we issue and their characteristics are as follows;-
Bid/Tender Bonds: Our company issue bonds to cover bids/tenders for contracts being awarded. The Bond is simply a Guarantee to the > Employer = that the contractor having submitted the accompanying Bid for the contract in question shall not withdraw such bid for any reason if the contract is awarded to him. i.e he shall accept the contract if awarded.
Performance Bond: After the bids/tenders have been accepted, it is customary for contractors to be called upon to present performance bond. Our cover is against failure to perform and it also provides remedy for failure to perform according to specification.
Advance Payment Bond: Where a percentage of the contract value is to be given to the contractor to start work, the insurance bond would be issued against failure to utilize the advance payment/mobilization for the execution of the project.