Mobilization Advance bond is required by the project owner to ensure that the funds which have been advanced to the contractor will be properly utilized for the project work only. This guarantee covers the un-recovered amount of the bond by the project owner which has not been adjusted by the contractor or the bond value whichever is lower. Mobilization Advance Bonds are usually issued from the commencement of the project and not on the running projects.
Providing guarantee against the advance of funds given by the project owner to start the work:
If the contractor is unable to execute the work with the given advanced funds then the project owner is entitled to extend this guarantee till the satisfactory completion of the project is achieved in accordance with the terms of the contract.
The above is the basic list of requirements and we may ask further information if required.
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