This insurance is offered to entrepreneurs who provide their services to other entities through tenders. The Bid Bond Guarantee is one of the legally recognized forms of submitting a bid bond for entities participating in a tender. In short, it exempts the bidder from the obligation to provide the bid bond in cash.
Advance Payment Refund Guarantee
This insurance is recommended for entrepreneurs who offer their services to other entities through tenders. The Advance Payment Refund Guarantee is one of the accepted forms of security required by the client from the contractor. It secures claims arising from the failure to settle or return the advance payment within the timeframe specified in the contract.
Performance Bond Guarantee
This insurance is intended for all contractors and subcontractors required to provide security for the proper performance of contractual obligations. The Performance Bond Guarantee is one (and sometimes the only) accepted form of security for the proper execution of a contract, as required by the client from the contractor. It is designed to secure claims arising from non-performance or improper performance of obligations. Overall, it exempts the contractor from the requirement to provide security in cash. Such a guarantee is issued for a period agreed upon in the contract terms.
Defects Liability Guarantee
This insurance is recommended for entrepreneurs who provide quality guarantees and are therefore liable for defects under warranty. The Defects Liability Guarantee is one of the accepted forms of security for proper contract execution, as required by the client. Its purpose is to secure claims arising from the failure to address or improper rectification of defects and faults that occur after the completion of the contract. This type of guarantee exempts the contractor from the obligation to provide security in cash. It is issued for the period from the signing of the final acceptance protocol until the end of the warranty and liability period.
Performance and Defects Liability Guarantee
This insurance is offered to all entrepreneurs required to provide a guarantee for proper performance and correct defect rectification. The Insurance Guarantee allows businesses to avoid freezing their own financial resources. This guarantee secures the entire investment process, from submitting the tender offer to the end of the warranty and liability period.
Trade Receivables Payment Guarantee
This type of insurance is recommended for entrepreneurs providing commercial services. It can serve as security for receivables from a one-time transaction or from the performance of recurring services or deliveries. The Trade Receivables Payment Guarantee primarily confirms the credibility of the buyer. It thus enables the buyer to use trade credit from the supplier, i.e., receiving goods or services before making payment.
