Bonds
Here at Sentry, we offer the financial guarantee of scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security.
Under a Construction contract a contractor may be required to obtain:
- Bid bond –This will protect the developer against the failure of the contractor to proceed with a project at his bid price.
- Prepayment Bond – This guarantees any advance payment made by the developer for the contractor’s mobilization.
- Performance Bond – This guarantees that the contractor carries out the project properly and the developer will be compensated for any breach of contract.
- Retention Bond – Often a developer will retain a small amount from the contract price for a period to ensure that any defects in the project discovered after completion are corrected in a timely manner. This can adversely affect the contractor’s liquidity. A retention bond will guarantee that any corrective work is carried out and allow the developer to settle in full with the contractor immediately the project is complete.
There are other bonds that may also be required in business, such as Custom Bond & Travel Bond.
- Bid bond –This will protect the developer against the failure of the contractor to proceed with a project at his bid price.
Why Choose Sentry's Bonds Insurance?
- Holds an excellent record of Prompt Claims settlement
- Strong Governance and administration
- Excellent standing with our Regulators
- Insurance Fund and statutory Deposit paid up
- Excellent reputation in the Industry
- Competitive Rates and Products
- Excellent Customer service
- Trained Staff