A certain percentage of the running bill is deducted each and every time the bill is presented to the project owner by the contractor. This accumulated money is held in trust by the project owner to be paid to the contractor on the presentation of a guarantee.
Such a deduction is aimed to ensure that the quality of the work performed is up to the project owner’s satisfaction and does not contain any flaws that may ultimately put the project owner at loss. For the aforementioned purpose, this bond is issued to the contractor so that the project owner upon the presentation of this guarantee can release the withheld amount.
The duration of this bond is maximum one year.
We issue this bond if the contractor has also purchased performance Bond from us.
Providing guarantee against the amount held by the project owner in case if the work done by contractor is unsatisfactory:
If the contractor’s work is not up the satisfaction of the project owner and as per the contract requirements 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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