A bond is a guarantee by one party often referred to as the guarantor or surety to another party who is requesting for the bond.

It ensures that a third party who is the person or entity applying for the bond will meet its contractual obligations. It is not strictly an insurance policy although it provides an element of cover to customers.

There are several forms of guarantees or bonds that we can offer. Some of them include the following:

  • Shares Indemnification Bond
  • Bid/Proposal Bond
  • Performance Bond
  • Customs Bond
  • Advance Payment Bond

Some simple documentation is needed before the issuance of the required guarantee. They include the following:

  • Collateral Security up to a minimum value of the bond
  • Certificate of Incorporation/Registration
  • Completed Bond Proposal Form
  • 3 Years Audited Statement of Account
  • Evidence of previous Contract Performance (Certificate of Completed Jobs)
  • Counter Indemnity by the Company
  • In the case of Customs Bond, the Bond form provided by the Custom & Excise department must be made available
  • Similarly, Shares Indemnification Forms from the Company should be provided in respect of shares indemnification bond
  • Personal Indemnity by a Director of the Company
  • Contract Agreement
  • Letter of Contract Award
Glossary of Terms || Privacy Policy || Compliants Policy || © 2023 Copyright: STACO INSURANCE PLC.