KPL & Associates offer a variety of Bonds and Sureties useful to those in the construction business as well as when required by the Department of Customs and Excise, SAA and all the divisions of Transnet.
Bid / Tender bondsA bid bond is issued as part of a bidding process by the surety to the project owner, to guarantee that the winning bidder will undertake the contract under the terms at which they bid. The cash deposit is subject to full or partial forfeiture if the winning contractor fails to either execute the contract or provide the required performance and/or payment bonds. The bid bond assures and guarantees that should the bidder be successful, the bidder will execute the contract and provide the required surety bonds
Performance BondsA written guaranty from a third party guarantor (usually a bank or an insurance company) submitted to a principal (client or customer) by a contractor on winning the bid. A performance bond ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract. Performance bonds usually cover 10 – 12.5 percent of the contract price and replace the bid bonds on award of the contract
Retention bondsType of performance bond that protects the customer after a job or project is finished. It guarantees that the contractor will carry out all necessary work to correct structural and/or other defects discovered immediately after completion of the contract, even if full payment has been made to the contractor
Advance Payment bondsAn advance payment, or simply an advance, is the part of a contractually due sum that is paid in advance for goods or services, while the balance included in the invoice will only follow the delivery. It is called a prepaid expense in accrual accounting
Materials off SiteThe Employer is providing the Contractor with an advance payment specifically to purchase materials specific to the contract. This is done to (1) fix the price of the goods and (2) to secure the manufacturing/supply of the goods in time for when the contract requires it. The materials will thus be held “off site” until the contract requires it.
Custom BondsA bond issued to guarantee the payment of customs fees. A bond is not designed or intended to protect the importer. The purpose of a bond is to guarantee that all customs duties, customs penalties, and other charges assessed by Customs will be properly paid and that all trade procedures will be followed.
Liquidator BondsKPL and Associates will only deal with Liquidator Bonds on a case by case basis and only with those liquidators we have been dealing with in the past 20 years