These are bonds issued to contractors against non performance/default of contractual work given to them by their employers where contractors are supposed to carry out and complete the work stated in the manner and time specified in therein.  The bond amount is usually 10% pf the contract value which is payable/evoked if specific conditions are not met.

REQUIREMENTS

Certificate of company registration

Memorandum and Articles of Association

VAT Certificate

PIN of the company and directors

ID/Passports of directors/partners

Company audited accounts for two years

Bank Statement for six months

Company Profile

Company Letter Head

General Counter Indemnity duly signed by a minimum of two directors and witnessed by an Advocate and should be stamped and sealed.  These directors should be appearing in the Memorandum and Articles of Association

Counter guarantee duly signed by a minimum of two directors and witnessed by an advocate and should be stamped and sealed.  These directors should be appearing in the Memorandum and Articles of Association

Valid Trading Licence

payment of premium should be by cash/banker's cheque only

Security of 5% of bond amount