The intention of this policy is to indemnify the principal in the event of failure on the part of the contractor to fulfill his promise as contained in the contract agreement between him and the principal. A high rate of moral hazard is involved with this type of risk and no company should be committed without the knowledge of the head of technical department.

1. Performance bond
2. Advance payment bond
3. Bid bond
4. Customs bond
5. Retention Board

• Certificate of  incorporation of the company
• Memorandum of association
• Contract agreement
• Three years audited account of the company
• Evidence of previous performances of similar  contracts
• Possible collateral
• Names and residential addresses of 2 directors of the company
• Two passport photographs each of the 2 director