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Construction Bond
Construction Bond
Prime Insurance constructions bonds range from Bid Bonds / Tender Securities, Performance Bonds, Advance Payment Bonds and Retention Bonds. They are mainly issued for construction projects on behalf of our clients as guarantees for various contracts.
Bid Bond
Prime Insurance Bid bond is a bond for clients who tender for contract project. The bond guarantees the owner of the project (the principal) that the bidder will remain in the bidding process until the project contract is awarded.
Performance Bond
Prime Insurance Performance bond is a guarantee to the principal on behalf of the contractor – up to the bond value – that the contractor will perform the project awarded to him/her according to specifications, and within the given time.
Advance Mobilization Bond
Prime Insurance Advance mobilization bond provides for the financier of a project a protection against the default of the contractor/supplier for monies advanced to mobilize resources to work on the project.
Retention Bond
Prime Insurance Retention Bond provides a guarantee that the contractor will rectify any issues after the job/project has been completed
