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These are sureties given to employers of contractors, financiers and other principals to guarantee the specific performance of the contractual obligations of the contractors. Default of contractors result in a claim on the bond payable to the principal. The main bonds written by GLICO GENERAL are:

  • Bid Bond: This bond is issued to guarantee that a bidder upon being declared successful will abide by the terms of the tender process to perform the contract without withdrawing from same.
  • Performance Bond: This bond guarantees that a particular service will be provided or a contract will be satisfactorily executed to the detailed specifications laid out in the contract or agreement between contracting parties.
  • Advance Mobilization Bond: This bond guarantees the contractors use of funds advanced by the employer/principal for the prescribed purpose and further guarantees its repayment in the agreed manner.
  • Other Bonds: GLICO GENERAL underwrites other bonds such as Customs bonds which provide guarantee to the Republic of Ghana (through Customs, Excise and Preventive Services -CEPS) who are the collecting agent), that an importer/exporter would pay all duties due on the imported/exported goods.

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