This is a bond for clients who tender for contract project. The bond guarantees the owner of the project (the principal) that the bidder will remain in the bidding process until the project contract is awarded. In the event that the bidder wins the contract, the guarantor ensures that the bidder signs the contract to perform. A Performance Bond is then executed.
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The Phoenix Contractors Bonds
The Phoenix Bid Bond Policy
The Phoenix Performance Bond
This bond is granted to persons or organisations that have been awarded contracts. It is a guarantee to the principal on behalf of the contractor – up to the bond value – that the contractor will perform the project awarded him/her according to specifications, and within the given time.
Phoenix Insurance thus undertakes to bear the penalty on the bond should, the contractor default in the performance of the said contract.
The Phoenix Advance Mobilization Bond
This guarantee is given to contractors when the principal wishes to advance an amount of money to the contractor to mobilize resources to work on the project.
The bond is an undertaking to the owner of the project to refund all advance mobilization funds given to the contractor, should the contractor after collecting the mobilization fund default in the performance of the project.