Surety Bond

1. Suretyship

Is a guarantee between insurance companies (Surety) and Principal to guarantee the interests of the project owner (Obligee) to fulfill obligations in accordance with the principal agreement (contract). Types of Surety Bonds include:

• • Bid Bond/BB
  • Performance Bond/PB
  • Advance Payment Bond/APB
  • Maintenance Bond/MB
  • Guarantee Rebuttal Appeal
  • Payment Guarantee Remaining Budget/SP2D/Progress Payment
  • Work Progress Guarantee
  • Custom Bond
    1. Easiness of Import for Export Purpose (KITE)
    2. Bonded Zone (KB)
    3. Customs Clearance Company (PPJK)
    4. Temporary Import (OB-23)
    5. Vooruitslag
    6. Letter of Tariff and Customs Value Determination (SPTNP)/Memorandum of Customs Notes (Notul)
    7. Temporary Landfill (TPS)
    8. Sustainable Transport
    9. Logistic Service Company (PJT)
  • Excise Bond
  • Payment Bond

1. Counter Bank Guarantee

A guarantee issued by a Surety company to the issuing bank if the Obligee withdraws a bank guarantee, due to the Principal’s breach of contract.

Types of Counter Bank Guarantee :

1. Bid Bond/BB
2. Performance Bond/PB
3. Advance Payment Bond/APB
4. Maintenance Bond/MB
5. Guarantee Rebuttal Appeal (SB)
6. Cargo Agency Guarantee
7. Payment Guarantee
8. Distributorship Guarantee
9. Payment Guarantee of Remaining and Annual State Budget/SP2D/Payment Progress

2. Disclosure of Import Letter of Credit (LC) Guarantee and Domestic Documented Letters of Credit (SKBDN) Guarantee