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Bonds and Surety Insurance
Guarantees performance or fulfillment of contractual obligations.
Products
- Bidder’s Bond – Ensures a bidder will enter into a contract if awarded.
- Performance Bond – Guarantees the contractor’s faithful performance of contract terms.
- Surety Bond – Provides financial compensation if the principal fails to fulfill an obligation.
- Advance Payment Bond – Secures return of advance payments if the supplier fails to deliver.
- Supply Bond / Warranty Bond – Ensures quality and timely delivery of materials or service.
- Retention Bond – to guarantee from insurance company that covers a principal in case the contractor doesn’t fix post construction defects.
- Customs Bond- is financial guarantee required by customs authorities to ensures the importers pay all duties, taxes and fees and comply with all import regulations.
Kinds of Customs Bond
- Custom’s Brokers Bond – requires for licensed brokers to operate legally.
- Transit Bond -For transporting goods between ports or bonded areas.
- Re-export Bond – For good temporarily imported and the re-exported.
- Advance Baggage Bond– For travelers bringing goods ahead of paying duties.
- General Transportation Surety Bond (GTSB) – for in-transit movement of goods within customs territory.
- Judicial Bond – used in civil or quasi-judicial proceedings for various provisional remedies.
Types of Judicial Bonds:
- Administrator’s/ Executor’s Bond – Ensures proper estate administration of the deceased person.
- Injuction Bond– Posted by applicants of a preliminary injuction to compensate adverse parties if later found wrongful attachment.
- Attachment Bond– Filed by plaintiffs requesting property seizure to secure indemnity for wrongful attachment.
- Replevin Bond – required for reclaiming personal property.
