advance payment bond
advance payment bond
Bond is an instrument to guarantee the performance of the Contractor in fulfilling the contractual obligations and terms as required by the Principal in a construction related contract.
Advance payment bond is required when a contractor applies for an advanced payment from the principal to help fund the preliminary costs and mobilisation works of the contract. The main purpose of the bond is to guarantee that the contractor is able to make repayments for the advanced fund.
Advance payment bond is only applicable for government contracts only.
This policy can be extended to cover against losses due to following risks by paying additional premium
- Aircraft Damage
- Earthquake and volcanic eruption
- Storm, Tempest
- Flood
- Explosion
- Impact Damage
- Leakage of Sprinkler System
- Bursting or Overflowing of Water Tanks Apparatus or Pipes
- Bush / Lalang
- Subsidence and Landslip
- Spontaneous Combustion
- Riot Strike and Malicious Damage
- Damage by Falling Trees or Branches and Object
- Electrical Installation
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NLA was established in 1986.
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