SAGITARIES/FPG Surety Bonds acts as a risk transfer mechanism providing the construction project owner the assurance of all obligations delivered.
SAGITARIES INSURANCE / FPG provides your business with financial security in case of default or bankruptcy of contractors, sub-contractors, or suppliers.
SAGITARIES/FPG Surety Bonds for Construction Cover Summary
Bidder's Bond
SAGITARIES INSUARANCE / FPG will guarantee that the successful bidder, within a specified period from the date of the receipt of the Notice of Award, will:
Enter into contract with the project owner (Obligee)
Furnish a Performance Bond for the faithful and complete prosecution of the work specified in the contract.
The bond will cover:
Cost to conduct another bidding; and
The difference between the winning bid and next lowest complying bid
Performance Bond
SAGITARIES INSURANCE / FPG will guarantee the construction and completion of a project to go according to the agreed plans, specifications, terms and conditions based on the contract.
SAGITARIES/FPG performance bond will:
Answer for the cost of delay in the completion of the project; and
Pay for the additional costs to complete the project.
Surety Bond (Down Payment)
SAGITARIES INSURANCE / FPG will guarantee the recoupment or repayment of the unliquidated portion of the down payment made by the Obligee to the Contractor
SAGITARIES INSURANCE / FPG will also guarantee, within one year from the project acceptance, the repair of hidden defects in the workmanship and materials used by the Principal in the project, found or become evident.
For both simple and sophisticated operations, we provide customised, flexible construction industry insurance products.
