SURETIES & GUARANTEES
Retention Bond
Typically 5% of the certified amount owed to the contractor on an interim certificate, is retained by the client to ensure proper completion of contracted works. This safeguards against potential issues, promoting accountability and adherence to the contractual obligations by the contractor
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
Contractors
Suppliers
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Case Study
ABC Construction has $1 million of retention monies with the main contractor, XYZ Builders. ABC Construction needs a sum of money to pay for additional machinery for expansion. They will then request XYZ Builders to release the retention monies via the issuance of a Retention Bond from an insurance company. Upon the agreement from XYZ Builders, with the extra $1 million, ABC Construction can next successfully go through with their expansion plans.
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