Insurance bonds provide financial security and guarantee to procuring entities and project owners that contractual obligations will be fulfilled.
Types of Bonds Issued
- Tender / Bid Bonds: Required when submitting bids for public or private tenders to guarantee that the bidder will enter into the contract if awarded.
- Performance Bonds: Assures the project owner that the contractor will complete construction or supply contracts in accordance with agreed specifications.
- Advance Payment Bonds: Secures mobilization funds advanced to a contractor prior to project commencement.
- Customs & Transit Bonds: Guarantees to the Kenya Revenue Authority (KRA) that duty on transit goods or bonded warehouse cargo will be paid according to customs regulations.