We issue surety bonds to guarantee satisfactory completion of a project by a contractor in accordance with the terms and conditions of the contract.
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Performance Guarantees are commonly used in the construction and development of real property, where an owner or investor may require the developer to assure that contractors or project managers procure such bonds in order to guarantee that the value of the work will not be lost in the case of an unfortunate event (such as insolvency of the contractor).
In other cases, a performance bond may be requested to be issued in other large contracts besides civil construction projects. Another example of this use is in commodity contracts where the seller is asked to provide a Bond to reassure the buyer that if the commodity being sold is not in fact delivered (for whatever reason) the buyer will at least receive compensation for his lost costs.
12 months renewable
- More than 3 years experience – 100% tangible security
- Less than 3 years experience – 20% cash cover, 80% conventional security
- Insurance cover by AGF, ATI, USAID, GUARANTCO
Eligibility Requirements for a Performance Guarantee at Kingdom Bank
- Award letter
- Must be a Kingdom Bank account holder – You can find our account offerings here
- The counter-party must be within the bank approved entity
- Copy of contract
- Copy of performance bond if not issued by the bank