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Product Description
Provide guarantees to the principal of a project that the contractor who is awarded the contract will undertake the contract under the terms at which the contractor has submitted. In the event of the non-performance of the contractor, the principal is entitled to demand the amount guaranteed in the Bond, which shall be paid by the Insurance Company accordingly.
Product Description
Provide guarantee to the principal of a project that they will be financially compensated as a result of failure of the contractor to complete the project as per terms of the contract. A Performance Bond is required in the event a contractor’s tender has been accepted by the principal and a Letter of Award is issued. A performance bond is required by the contractor to complement the related projects insurance for the same project such as contractor all risks, erection all risks or workmen compensation.
Product Description
Provide guarantees to the principal of a project that they will be financially compensated as a result of a failure to recoup the advance money paid to the contractors as per terms of the contract. In the event of the non-performance of the contractor, the principal is entitled to demand the amount guaranteed in the Bond, which shall be paid by the Insurance Company accordingly
