Assurance you need for your business and your clients.

Surety Bond Insurance ( IWIB SURETY )

A surety bond assures your customer that once a project begins, it will be completed. Navigating the surety bond landscape can be complex, and that’s where we, IWIB, an experienced broker, become indispensable. An adept surety partner streamlines the process, from collecting necessary paperwork to addressing risk concerns before underwriting. This process not only avoids unnecessary delays but also ensures you have access to the best resources and market.

Types of Surety Bonds We Offer:

1. Advanced Payment Bond
Guarantees that the advance payment will be returned to the buyer if the seller does not fulfil its obligations on delivery of goods or services. It is also required when a Contractor applies for an advance payment from the Principal to help fund the preliminary costs and mobilization works of the contract.

  • Documents required: Letter of award/project contract/agreement/purchase order, Bond format (if any).

  • Applicable to: Contractors, Suppliers, Manufacturers.

2. Bid/Tender Bond
Issued as part of a supply bidding process by the contractor to the project owner to provide a guarantee that the winning bidder will undertake the contract under the terms at which they bid.

  • Documents required: Letter of award/project contract/agreement/purchase order.

  • Applicable to: Contractors, Suppliers, Manufacturers.

3. Customs Bond
It is a contract used to guarantee that a specific obligation will be fulfilled between customs and an importer for any given import transaction. Its main purpose is to guarantee the payment of import duties and taxes.

  • Applicable to: Bonded warehouse operators.

4. Performance Bond
It is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract. It is common in construction and real estate development (Private & Government Projects). In such situations, an owner or investor may require the developer to ensure that contractors or project managers acquire it in order to guarantee that the value of the work will not be lost in the event of unforeseen circumstances.

  • Documents required: Letter of award/project contract/agreement/purchase order.

  • Applicable to: Contractors, Suppliers/Manufacturers.

5. Qualifying Certificate Bond
A guarantee that ensures the properties developed will be sold within the specified timeframe. The developer usually purchases this bond for project owners.

6. Warranty Bond
Guarantees the project owner that the contractor who did the work will come back and fix defective work or material should an issue arise during the warranty period specified in the contract.

Surety Bond Benefits

Surety bonds offer significant benefits for contractors, subcontractors, and project owners, such as:

  • Reducing the risk of project default.

  • Ensuring business continuity.

  • Providing technical and financial assistance.

  • Reducing the risks of liens filed by subcontractors.

  • Lowering project and construction costs through improved bidding competition