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How do you get a Performance Guarantee?

by | Jul 23, 2018 | Guarantees | 0 comments

When applying to get a Performance Guarantee, you’ll have to answer basic questions about your professional work experience and your company’s financial history. If your business has more than one owner, the financial credentials of all owners must be submitted.

 

When you apply to get a performance guarantee, you’ll also be asked to supply the following documents:

  • Your company’s current and previous year’s financials
  • A detailed company profile featuring work already done
  • Latest company bank statements plus statements 3 months prior to application
  • Copies of ID documents of all shareholders
  • Company’s tax clearance certificate
  • Company registration documents
  • Letter of award
  • Proof of company’s physical address
  • Proof of residential address from all shareholders
  • Relevant application forms from us
How do you get a Performance Guarantee?

After you’re happy with and approve the quote to get a performance guarantee, you’ll be required to pay your full premium upfront. Once you’ve paid your premium, we’ll activate your Guarantee and send you all the relevant documents.

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How do you get a Performance Guarantee?

When applying to get a Performance Guarantee, you’ll have to answer basic questions about your professional work experience and your company’s financial history. If your business has more than one owner, the financial credentials of all owners must be submitted.

What is a Performance Guarantee?

A Performance Guarantee is a contractor’s promise to complete the construction project within the deadlines, while meeting all contractual conditions.

What’s the difference between a Performance Bond and a Performance Guarantee?

The term Performance Bond is often misleading, which can leave contractors confused about the difference between a performance bond and a performance guarantee. Most construction Performance Bonds are actually Guarantees. Bonds and Guarantees are related but are different. The right to claim under a Guarantee is linked to non-performance of the underlying contract. Under a Bond, the bank usually pays on demand regardless of the underlying contract.

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