ADVANCE PAYMENT

ADVANCE PAYMENT

In some situations, a Principal who awards a contract to a Contractor agrees to make some advance payments to enable the Contractor mobilize resources towards effective performance of the job(s).  Our Advance Mobilization Guarantee is a form of loan guarantee which protects the Principal against loss of advance payment.  Our policy provides that we, as […]

In some situations, a Principal who awards a contract to a Contractor agrees to make some advance payments to enable the Contractor mobilize resources towards effective performance of the job(s).  Our Advance Mobilization Guarantee is a form of loan guarantee which protects the Principal against loss of advance payment.  Our policy provides that we, as insurers, guarantee the judicious use of the monies advanced to the Contractor on the job failing which we shall pay whatever balances that may remain outstanding should the contractor fail to perform the contract.

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