Guarantees
Bank Guarantee
An undertaking, given upon request to pay a third party a specified sum of money as a guarantee against non-observance of the terms of an agreement.
Tender Bond
Issued to the beneficiary as a guarantee, at the request of an eventual tenderer who offers by tender, to enter into a contract.
Performance Bond
Issued to a beneficiary as a guarantee, at the request of the contractor/supplier in case the terms and conditions of the contract entered into are not observed.
Advance Payment Bond
Issued to a beneficiary as a guarantee, at the request of the contractor/supplier should the latter misuse the advance payment granted to him to begin the work according to the contract.
Retention Money Bond
Issued to the beneficiary as a guarantee, at the request of the contractor/supplier in the event of the contractor’s refusal to remedy any defects/alterations after receiving full final payment on completion of the contract before the completion of the maintenance period.
Customs & Government Bodies
Issued to the beneficiary as a guarantee to payment of cheques.