Bonds are legal agreements between two parties, where one party (known as the surety) agrees to pay a specified amount of money to the other party (known as the obligee) if the party being bonded (known as the principal) fails to fulfill its obligations under the contract.
We offer various types of bonds, including:
- Bid Bond: This bond is typically required in the bidding process for construction projects. It provides financial security to the project owner that the bidder will enter into the contract if awarded the bid, and will provide the required performance bond if selected.
- Performance Bond: This bond ensures that the contractor will complete the project as specified in the contract, and will pay for any damages resulting from failure to complete the project on time or within budget.
- Advance Payment Guarantee: This bond is typically required when a contractor receives an advance payment from the project owner. It provides assurance that the contractor will use the payment for the intended purpose and complete the project as specified in the contract.
- Customs Bond: This bond is required by customs authorities to guarantee payment of import duties, taxes, and fees associated with the importation of goods. It also serves as a guarantee that the imported goods will be lawfully imported and will comply with all relevant regulations.