Bonds & Guarantees
Insurance Cover Options
52nd Holdings has agencies with major AAA rated insurers with whom it is able to facilitate and issue various types of Bonds and Guarantees. We have extensive experience in the processes of setting up Guarantee facilities and the issuance of both insurance and bank guarantees. Our non-exhaustive list of guarantees we are able to issue is as follows:
Performance Guarantees
These cover an employer against the possibility that a contractor does not fulfil their contractual obligations to the employer.
Retention Guarantees
They cover an employer by ensuring that a contractor will be able to do all necessary work in order to rectify defects that have been discovered after a project has been completed and during the maintenance period. These guarantees are issued in order to free up monies that would otherwise be retained by the employer until the project is completed.
Advance Payment Guarantees
Protects an employer for any monies that they may have advanced to a contractor in order for them to purchase material and equipment as well as to aid cash-flows. This guarantees often ensure that the contractor uses the advanced funds for the purposed they were requested for.
Bid Bonds or Letters of Intent
These are issued to guarantee that should a tenderer to a public or private contract be awarded the tender, they will indeed enter into the contract and be able to provide all required performance or other required guarantees.
Customs and Excise Bonds
Issued to guarantee that entities that do import, export, manufacturing, sales and distribution will be able to meet their taxes and duties obligations to the government when these are required.
Fuel Guarantees
These are issued in order to guarantee that a fuel purchaser from a fuel supplier, often a wholesaler or retailer, will be able to pay for fuel often obtained on credit from the supplier.
Performance Guarantees
These cover an employer against the possibility that a contractor does not fulfil their contractual obligations to the employer.
Retention Guarantees
They cover an employer by ensuring that a contractor will be able to do all necessary work in order to rectify defects that have been discovered after a project has been completed and during the maintenance period. These guarantees are issued in order to free up monies that would otherwise be retained by the employer until the project is completed.
Advance Payment Guarantees
Protects an employer for any monies that they may have advanced to a contractor in order for them to purchase material and equipment as well as to aid cash-flows. This guarantees often ensure that the contractor uses the advanced funds for the purposed they were requested for.
Bid Bonds or Letters of Intent
These are issued to guarantee that should a tenderer to a public or private contract be awarded the tender, they will indeed enter into the contract and be able to provide all required performance or other required guarantees.
Customs and Excise Bonds
Issued to guarantee that entities that do import, export, manufacturing, sales and distribution will be able to meet their taxes and duties obligations to the government when these are required.
Fuel Guarantees
These are issued in order to guarantee that a fuel purchaser from a fuel supplier, often a wholesaler or retailer, will be able to pay for fuel often obtained on credit from the supplier.