Bonds and Guarantees are a form of financial security/surety offered/issued on behalf of the insured against third parties known as principals guaranteeing fulfilling of financial obligations by the insured.
These may vary in nature and the available types of Bonds/Guarantees are as follows:
- Customs bond,
- Bid bond,
- Advance payment bond,
- Performance Bond.
- Credit Guarantees
These bonds indemnify the principals against specified financial defaults by the insured.