OUR PRODUCTS
Bonds
Bids Bond
A bid or tender bond is a form of guarantee to the Project
owner or contract awarding Agency that the Contractor will
meet the terms of the bid and is capable of accomplishing
the awarded contract once selected during the bidding
process.
Performance Bond
The performance bond is meant to ensure the payment of a
defaulted sum in the event that the contractor fails in the full
performance of the contract.
This form of bond is usually required by contract employers from Contractor either as requisite conditions to the contract or after winning a bid process.
Advance Payment Bond
An advance payment bond is a guarantee that is provided
by a surety on behalf of a contractor to guarantee the
Principal or Employer to a contract to secure the initial
advance fund that is released to the contract for the
purpose of commencing the contract, mobilizing of workers,
plants and equipment to site, purchasing the product and
generally to start up the contract performance.
Usually, the amount is the percentage agreed to the total
contract sum which is to be paid as down payment for
contractor mobilization.
Share Guarantee Bond
reissued share certificate is given to a shareholder, who
has applied for it to the Registrars, for reasons of loss, non-
receipt, damage or destruction, that the Registrar will not
incur liability or expenses in so doing in that the Surety or
obligor will reimburse the Registrar whatever cost they may
incur in so doing.
The Share Indemnity which is given to the shareholder is
executed by an insurance firm or a bank (Surety) to assure
the Registrar that after a reissuance is given to the
shareholder and it is found that the initial certificate was
traded for money by anybody, the surety will reimburse the
Registrar of whatever amount that was lost by that sell, not
however to be more than the value of the shares at the date
of loss.
Customs & Excise Bond
A Custom bond is an insurance policy that guarantees
payment of import duties to Customs & Excise Board in
Nigeria, if a required act is not performed.
Customs bond is usually a guarantee which is given by an
Insurer to the Customs & Excise board with respect to the
payment of duties on imported goods which enable the
customs to allow the clearance of the goods while the duty
will be paid on a later date. Regular importers who are not
able to pay for duties at once can be asked to obtain a
custom bond to allow their goods released while they will
make payment from sale of the imported goods.
Security Guarantee Bond
Security Guarantee bond is a pre-qualification guarantee
requirement by the Ministry from all applicants for the
Recruiters’ licence, guaranteeing that the applicant when
granted the licence will employ professionalism and
carefulness in their method of recruitment, will recruit and
train qualified workers that will be capable to fill the position
so advertised and will be able to provide the required
services to the company they are assigned to.
This bond is basically a formality requirement by the
Federal Ministry of Labour & Productivity from all
companies that apply for the issuance of Recruiter’s license
that will allow them supply human capital to their clients.
Where a company is involved in recruitment of staff as an
outsourced firm, they are required to obtain the Recruiter’s
license from the ministry, which in turn requires this bond
as comfort prior to issuing the license.