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Product Info Surety Bond

Surety Bond

Providing insurance to the Obligee for default that is caused by the Contractor’s (Principal) incompliance upon a project (construction/non-construction) for a term that had been specified in the contract.

User (Insured)

Private/ State-Owned Enterprises Construction/ non-construction entrepreneurs who are tenders for product/service procurement

Benefits of Surety Bond

Benefits of Surety Bond

For Principal

Principal can get Suretyship insurance quickly, easily, with relatively cheap rate. Collateral is not the main requirement to get the insurance

For Obligee

  • Easy disbursement if the Principal is default.
  • Suretyship/insurance from Askrindo assures Obligee that the project that the Obligee manages/owns will be executed and finished in accordance with the agreed contract.

Surety Bond Feature

Product Feature

1
1

Surety Bond Type (Construction & Non Construction)


  • Bid Bond
  • Objection Appeal Bond
  • Performance Bond
  • Advance Payment Bond
  • Progress Bond
  • Maintenance Bond
  • Payment Bond 
2
2

Term


Bond’s term is in accordance with the work contract.

3
3

Indemnity Value


Damage calculation mechanism uses penalty system or indemnity principle with maximal value amounts to the bond’s value.   

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