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FNB First Protect
087 577 4117

Business insurance
087 577 4777

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Tender Guarantee (also called Bid Bond)

This is usually issued for an amount equal to between 1 and 2 percent of the contract value. It gives the employer compensation for additional costs if the party submitting the tender does not take up the contract and it must be awarded to another party.

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Performance Guarantee

Normally issued for an amount equal to between 5 and 10 percent of the contract value. This guarantee assures payment to the employer in the event that the contractor fails to fulfil contract obligations.

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Advance Payment Guarantee

This enables the employer to get a refund of advance payments made in the event of default by the contractor. It is issued for the full amount of the advance payment, but may contain reduction clauses, which enable a reduction in the maximum amount upon evidence of progressive performance.

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Payment Guarantee

This is used as security for payment obligations. It is also referred to as a Standby Letter of Credit.

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Retention Money Guarantee

Most major projects call for stage payments as work progresses. Often the employer retains a percentage of the payment (retention money), as cover for any hidden defects in the completed work. A Retention Money Guarantee allows for immediate release of retention money to the contractor. The employer can get a refund of retention money released, in the event of default by the contractor.

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Facility Guarantee

This is normally not trade related. Its purpose is to provide security to another bank to advance money to an individual or company. It is often used when a company does not have any credit record and wishes to expand offshore.

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Maintenance Guarantee

This ensures that the contractor does not abandon the contract after completion of the construction phase, but continues to honour any maintenance obligations as per the original agreement.

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Customs Guarantee

Contractors often need to import equipment temporarily to carry out a contract. Import duty would normally be payable, but the customs authorities will grant exemption if the contractor undertakes to re-export the equipment on completion of the contract. The contractor then has to provide the customs authority with this guarantee, which prevents the contractor from selling the goods instead of re-exporting them.

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Shipping Guarantee

This enables the buyer to obtain release of the goods from the carrier, despite the bills of lading being lost or delayed.

Risk advisory

Value the people in your business

Insurance for the value of the people in your business

Guarantees

Stay secure with a range of guarantees that protect conduct, obligation and performance

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Qualifying criteria

Existing FNB bank account

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Qualifying criteria

Documents needed

 

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Documents needed

As long as you have an existing FNB bank account, no documents are required. All contracting is done telephonically so there are no forms to sign either

FNB Insurance Brokers, a business unit of FNB Business, a division of FirstRand Bank
Limited Registration No. 1929/001225/06. FSP No. 20081

First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).