- Bid Bond - Tender bonds
- Advance payment Bond (APB)
For requesting advance payment from the principal - Performance Bond (PB) - These bonds are normally issued as a surety for due performance of the contract such as a construction of a property, erection of Plant & machinery, etc.
- Custom Bonds (For TRA ) - eg CB 3, CB 6, CB 10,CB 11, CB 12,CB 13
A customs bond is a guarantee from the surety to the Government that the principal will faithfully abide by all laws and regulations governing the goods under consideration.
The Bond is a security taken by the client for the due payment of customs and excise duties together with the proper carrying business in dutiable articles.
INFORMATION REQUIRED FOR ISSUANCE OF COVER/QUOTATION
- Completed Bond proposal form.
- Detailed company profile, (Along with copies of Articles and Memorandum of Association).
- Latest 3 years audited accounts (financials).
- Counter guarantee on the proposer’s letterhead signed under seal by the Company Directors/Partners.
- Counter guarantees signed by at least two directors/partners in their personal capacities.
- Collateral security to the tune of the amount of the bond (depending on the strength of the audited accounts in comparison with the amount of the bond).
- For Performance Bonds & Advance Payment Bonds we require a copy of the contract so that we have full details of work involved before we guarantee its performance.
- Award letter for Bid bond and Performance bond
CLAIMS PROCEDURES AND DOCUMENTS REQUIRED
- Notify the insurer or NMB claims team about the claim as soon as possible.
- Copy of ID (NIDA, Driving License or Voters ID)
- Explanation on the fault by the client.
- Any other information as may be requested by the insurer or NMB claims team.