Bid Bond/Tender Guarantee:
This is required in connection with submission of Tenders for Contracts. The purpose is to guarantee that the Bidder (Contractor), if awarded the Contract will enter into the Contract and to furnish the required Performance Bond. Apart from being a guarantee, it also qualifies the Contractor to bid for a Contract. Thus it in effect satisfies both parties.
Performance Bond:
This is required to guarantee the Contractor for the due performance of the Contract as per its terms and specification.
Advance Payment Bond:
This is required by the oblige (Employer) to secure the Advance Payment made to the Contractor. That is, to guarantee that funds advanced for the purpose of the contract is duly utilized for the intended purpose.
Retention Bond:
It is required where the Contractor desires to be paid up front the percentage of money the Employer usually retains until after successful completion of contract i.e. after the maintenance period. This is to guarantee that the Contractor would rectify all defects noticed during the maintenance period.
Custom/Excise Bond:
Custom duties are Duties or Taxes, which are imposed on Goods Imported into the Country or Exported to another Country, while Excise duties are those Taxes imposed on Manufacturers of Goods produced and consumed at home. i.e. within the country
The objective is to indemnify the Board of Custom & Excise for loss of revenue arising from improper use of dutiable articles or Goods and or the non-payment of duties thereof.