Performance Bond
Failure of Contractor is not at pace or fails, if according to terms & conditions
After a bid is accepted and a contract is awarded, a performance bond is needed to ensure that the contract will be completed in whole and on schedule in accordance with the plan and specifications. The insurance company will be responsible for paying the bond amount to the owner upon demand if the contractor does not complete the work in compliance with the terms and conditions of the agreement.
Preliminary Information Required
- Latest Company Profile
- Last Three Years Audit Balance Sheet
- Bank Certificate
- Last Six Months Bank Statement
- Copy of Owner’s Valid CNIC
- Request Letter of Client mentioning the required amount of Guarantee Contract Value, Time Period Required, and Description of Contract
- Bond Specimen (wording)
- Signed Copy of Contract
- Work Order
- List of Authorized Signatories
- Valid PEC License
- FBR Certificate
- Detail of Work in Hand
- Detail of Work Completed