ADVANCED PAYMENT GUARANTEE

If the principal agrees to make an advance payment to a contractor, an Advance payment Guarantee (APG) is required to secure the payment against default by the contractor.

COVERAGE

Ensures that the contractor utilizes the advance payment for the mobilization of the contract according to the terms and conditions of the contract without failure.

DOCUMENTS REQUIRED

  • Company/SP Profile & Portfolio (including MOA & AOA & Registration)
  • Audited financials past 2 year / past 6 months bank statement (Depending on bond value)
  • Contract or Award Letter
  • Board Resolution
  • Counter Indemnity Agreement

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