Written agreement between the insurance company (Surety) and Principal to guarantee the interests of the project owner (Obligee), that the employee (Principal) will fulfill its obligations in accordance with the principal agreement (contract) made between the Principal and Obligee.
Types of Suretyship Products:
a. Surety Bond
Bid Bond (BB)
Performance Bond/PB
Advance Payment Bond/APB
Maintenance Bond (MB)
Balance of Objection to Appeal (SB)
Guaranteed Payment of Remaining Budget/SP2D/Progress Payment
Work Progress Guarantee
Custom Bonds
Ease of Import for Export Purposes (KITE)
Bonded Zone (KB)
Customs Services Management Company (PPJK)
Temporary Import (OB-23)
Vooruitslag
Tariff Stipulation Letter and Customs Value (SPTNP)/ Correction Note from Customs (Notul)