SURETIES & GUARANTEES
Advanced Payment Bond
Ensures the reimbursement of advance payments to the buyer in the event the seller fails to fulfill delivery obligations for goods or services. It is a requisite when a contractor seeks an advance payment from the principal, facilitating the funding of initial costs and mobilization efforts associated with the contract.
APPLICATION
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Additional Information
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Enhanced Coverage
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Documents Required
Letter of Award / Project Contract / Agreement / Purchase Order
Latest ACRA Bizfile (within 3 months)
Latest Audited Financials
Bond Format (if any)
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Applicable To
Suppliers
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Case Study
ABC Construction is awarded a highway contract for $300 million by XYZ Government. Due to the high setup costs, XYZ Government agrees to pay $60 million (20%) upfront to ABC Construction where funds are to be deducted once certain contract milestones are completed. In return, ABC Construction will need to provide a bond of $60 million to XYZ Government.
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