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Get your Letter of Intent almost instantly

by | Sep 5, 2018 | Guarantees, Tenders | 0 comments

Did you know that we can arrange your Letter of Intent within 2 hours?

What is a Letter of Intent?

A Letter of Intent basically documents your willingness to enter into a contract at a future date. It buys you time and allows you to mobilise work on your construction project before having the necessary Guarantees in place.

Letter of Intent

After supplying you with a Letter of Intent, we can issue a quote for your Guarantee within 24 – 48 hours, provided you send us all the required information, and your actual Guarantee can be ready within 72 hours*.

We provide Advance Payment, Performance, Tender, Construction and Retention Guarantees to clients across South Africa at highly competitive rates.

The insurers we deal with are all accredited with most major employers in South Africa including all municipalities, ESKOM Ltd, Transnet SOC Ltd and other major blue-chip corporations.

Our advisers are experts at identifying your insurance needs and protecting your business from risk.  Just complete this short form and we’ll contact you to arrange your free Letter of Intent.

*Subject to approval by the Insurer.

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Get your Letter of Intent almost instantly

The term ‘Letter of Intent’ (LOI) is typically used to describe a letter from an Employer to a Contractor (or from a main Contractor to a Subcontractor) indicating the Employer’s intention to enter into a formal written contract for Works described in the letter, and asking the Contractor to begin those works before the formal Contract is executed. While an Letter of Intent may come in many forms, it’s essentially a communication expressing an intention to enter into a Contract at a future date.

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Make sure you provide all necessary information as set out in the tender application. These include updated tax clearance certificate and shareholding certificates, amongst other requirements.

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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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CALL US ON 080 777 777 1

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