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RETENTION MONEY BOND
Retention Bond ensures that the contractor properly completes the activities required under the contract. Full payment for goods or services procured by the principal is rarely made upon completion, as some portion is retained for the maintenance or warranty period. A retention bond enables the contractor to receive full payment before completion of this period, while protecting the principal against defective performance or services.
DOCUMENTS/INFORMATION REQUIRED
- Proposal Form (copy attached), duly completed by the Insured.
- Request Letter
- Copy of Contract
- Copy of CNIC
- Bank Statement current six months
- Copy of Bond Specimen
- Undated Cheque duly signature verified by said bank (equal to value of Bond/Guarantee)
- Premium Cheque
- Copies of CNIC of Witnesses
- Company’s Profile
- Cash margin 10%
- Copy of Award Letter
- Copy of Company Balance Sheet
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