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Advance Payment Bond

This type of bonds guarantees performance and prevents the abuse of the mobilization fee paid by the employer to the contractor. It is a class of bond which is well known in Nigeria and usually abused by crooks or super dupers usually called the “419’’.

Its purpose is to ensure that an employer is able to recover from surety an amount earlier paid as advance to a contractor to carry out a project but who instead runs away with the money without doing the job or only partly doing the job.
If he has done part of the work the amount of liability would reduce proportion to the total liability at stake.

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