This guarantee serves the purpose of securing claims of the party inviting tenders against any withdrawal or change of bid by the bidder until the opening of the bid. The Guarantee will cease to be valid after fixed expiry date or if the applicant refuses to sign the contract after the contract has been awarded.
Performance Bond Guarantee
This type of guarantee secures performances of all contractual obligations of the seller towards the buyer. It guarantees the broadest possible scope of obligations among all types of guarantees.
· Required Documents: Proforma invoice, Insurance cert./policy, License, L/C application form and TIN certificate (additional documents may be requested as and when situations demand).
Advance Payment Guarantee
Advance payment guarantee secures buyers against the seller regarding repayment of an advance payment on the purchase price of goods or services made by buyers to sellers (before delivery of the goods) in the event that delivery is made only partly or not at all. The guarantee provides a security to buyers to be entitled for the advance payment in case of failures of suppliers in fulfilling their obligation as agreed upon.