Related: General Insurance
Coverage are classified in different types of bonds:
• Contractor's Bond - covers contracts for construction and engineering
• Bid bond - Guarantees that the winning bidder shall enter into a contract based on the submitted bid proposal
• Performance Bond - Guarantees the faithful compliance & performance of the contractor of the obligations set forth in the contract
• Down Payment Bond - Guarantees the downpayment received by the contractor shall be used for the project and liquidated accordingly
• Warranty Bond - Guarantees the correction and repair of hidden defects in the materials and workmanship used by the contractor in the project found or becoming evident within the year from the date of final acceptance of the project or within one year or other prescribed period from the date of final and substantial completion or provisional acceptance of the project by the Owner
What are the information/documents needed for Construction Bond?
• Business permit, FS, ITR, Company profile, etc.
• Contract agreement
• Broker of Record (BOR) – form will be provided by Trinity