CREDIT AND SURETYSHIP
Under this portfolio, Asia Insurance Company Limited has a variety of surety bonds to meet the requirements of various business concerns entering into enterprising contractual agreements with each other. Some of these are, as under;
PERFORMANCE BOND
To guarantee the full and due performance of the contract with respect to the plans and the specifications, Performance Bond is just the right option. Performance Bond will ensure the payment of the bond amount to the owner on demand, in case the contractor fails to abide contractual terms and conditions. Our performance bond, based on the PEC (Pakistan Engineering Council)’s approved wording, which is a specific requirement of majority of construction contracts, is available on most economic rates and terms. We also offer bonds on specific wording as may be required by the unique contractual relationship between any two parties.
MOBILIZATION ADVANCE BOND
In case you are pre-financing a contract, you may secure the repayment of the advance through Mobilization Advance Bond. The owner is covered, for the amount outstanding at that time, against the contractor’s failure to fulfill their obligation. Mobilization Advance is the amount of money that is issued in advance to the contractor to start work on the project. Since this is an advance, the party advancing it needs some assurance that it will not be willfully misappropriated by the contractor and this they ensure through a Mobilization Advance Bond. In case of any default in proper utilization of the advanced money, the bond is called by the principal and it pays the amount that has not been properly appropriated by the contractor.
SUPPLY BOND
Supply Bond is issued for contracts to supply materials, goods, machinery at a specified time and place. Supply Bond will ensure the payment of the bond amount to the owner on demand, in case the contractor fails to abide contractual terms and conditions. Supply bonds are used to ensure continuity and availability of required goods and services during the tenure of any project or contract. Here again the relationship is that of a principal, (a party requiring some goods or services) and the supplier (a party promising to supply theses goods and services at appointed time and in required quantity). Failure by the supplier to deliver on time could cause financial loss to the principal and this contingency is secured through a supply bond where insurers act as a surety for the supplier of goods and services.
BID BOND
offers a Bid bond that is essentially the requirement of open tenders and the participating contractors/suppliers have to furnish it as a surety so that some compensation is available to the principal should the selected bidder back out of their committed offer when the tender is awarded to them.
DOCUMENTS/INFORMATION REQUIRED
Under this portfolio, Asia Insurance Company Limited has a variety of surety bonds to meet the requirements of various business concerns entering into enterprising contractual agreements with each other. Some of these are, as under;
PERFORMANCE BOND
To guarantee the full and due performance of the contract with respect to the plans and the specifications, Performance Bond is just the right option. Performance Bond will ensure the payment of the bond amount to the owner on demand, in case the contractor fails to abide contractual terms and conditions. Our performance bond, based on the PEC (Pakistan Engineering Council)’s approved wording, which is a specific requirement of majority of construction contracts, is available on most economic rates and terms. We also offer bonds on specific wording as may be required by the unique contractual relationship between any two parties.
MOBILIZATION ADVANCE BOND
In case you are pre-financing a contract, you may secure the repayment of the advance through Mobilization Advance Bond. The owner is covered, for the amount outstanding at that time, against the contractor’s failure to fulfill their obligation. Mobilization Advance is the amount of money that is issued in advance to the contractor to start work on the project. Since this is an advance, the party advancing it needs some assurance that it will not be willfully misappropriated by the contractor and this they ensure through a Mobilization Advance Bond. In case of any default in proper utilization of the advanced money, the bond is called by the principal and it pays the amount that has not been properly appropriated by the contractor.
SUPPLY BOND
Supply Bond is issued for contracts to supply materials, goods, machinery at a specified time and place. Supply Bond will ensure the payment of the bond amount to the owner on demand, in case the contractor fails to abide contractual terms and conditions. Supply bonds are used to ensure continuity and availability of required goods and services during the tenure of any project or contract. Here again the relationship is that of a principal, (a party requiring some goods or services) and the supplier (a party promising to supply theses goods and services at appointed time and in required quantity). Failure by the supplier to deliver on time could cause financial loss to the principal and this contingency is secured through a supply bond where insurers act as a surety for the supplier of goods and services.
BID BOND
offers a Bid bond that is essentially the requirement of open tenders and the participating contractors/suppliers have to furnish it as a surety so that some compensation is available to the principal should the selected bidder back out of their committed offer when the tender is awarded to them.
DOCUMENTS/INFORMATION REQUIRED
- Proposal Form (copy attached), duly completed by the Insured.
- Request Letter
- Copy of Contract
- Copy of CNIC
- Bank Statement current six months
- Copy of Bond Specimen
- Undated Cheque duly signature verified by said bank (equal to value of Bond/Guarantee)
- Premium Cheque
- Copies of CNIC of Witnesses
- Company’s Profile
- Cash margin 10%
- Copy of Award Letter
- Copy of Company Balance Sheet
Or
Want to talk to a customer rep? Call now +92-0311-111-2742