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Surety bonds
Surety bonds
Surety bonds
Surety bonds or insurance guarantees is a type of isurance under contracts for public procurement - an analogue of a cash pledge or a bank guarantee. The guarantee represents a commitment undertaken by the insured and the insurer to pay compensation in favor of the beneficiary under the contract, in the event that the insured (contractor) does not fulfill or does not exactly fulfill his obligations under the concluded contract.
Covered risks
Advance payment guarantee – secures the funds provided in advance under the contract
Performance guarantee - covers the risk of non-performance or inaccurate performance of the insured's obligations under a specific contract
Maintenance and warranty service guarantee - ensures the insured's obligations regarding warranty service under the contract
Other guarantees approved by the Insurer
Advantages
Convenient, simple and quick underwriting process
Minimum required set of documents for risk assessment - draft contract/agreement, financial statements of the applicants (balance sheets and income statements) for the last two years, contractor selection decision, completed proposal - questionnaire
No blocking of the applicant's funds compared to other options - bank guarantee or cash pledge
No additional fees and costs
Eases companies' access to public procurement
Documents for download
Информационен документ Застраховка Гаранции.pdf
(pdf, 340KB)
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