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Credit Insurance | Overseas
Investment Insurance | Bonds
& Guarantees | Other
Services
ECICS provides bond support to Singapore companies in the
form of:
Performance Bond
Advance Payment Bond
Contract Tender Bond / Bid Bond
Retention Money Bond
Maintenance Bond
Qualifying Certificate Bond
Customs Bond
Foreign Worker Bond
Tenancy / Rental Bond
Account Payment Bond
Utility Service Bond
Advertising Media Bond
IATA Freight Forwarding Bond
Airlines Freight Forwarding Bond
Performance Bond
A bond to secure the performance of any contract. Contract refers
to any written agreement between the client and the beneficiary
for the carrying out of works, the performance of services or the
supply or provision of any goods.
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Advance Payment Bond
A bond to secure the repayment of any sum advanced by the beneficiary
to the client under or for the purposes of the contract, where such
sum is advanced before the carrying out of works, the performance
of services or the supply or provision of any goods pursuant to
such contract.
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Contract Tender Bond / Bid Bond
A bond in respect of a tender to secure the payment of any loss
or damage suffered or incurred by the beneficiary arising out of
the failure by the client to enter into a contract or provide performance
or other bond pursuant to such tender.
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Retention Money Bond
A bond to secure the payment of any sum or sums released to the
client by the beneficiary before the date for payment or release
thereof contained in the contract.
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Maintenance Bond
A bond to secure contractual obligations relating to the maintenance
of works or goods following the physical completion or the provision
thereof, pursuant to a contract.
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Qualifying Certificate Bond
This is a bond specially required by URA for land developers whose
shareholding is partly or fully owned by foreign entities in Singapore.
The purpose of the bond is to curb land price speculation by these
companies.
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Customs Bond
This is a bond specially required by the Customs and Excise Department.
The bond is mainly to ensure importers and exporters do not engage
in illegal activities as well as to pay their customs duties promptly.
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Foreign Worker Bond
This is a bond required by Ministry Of Manpower to ensure the particular
foreign worker remains within the employment of client during the
term of his employment.
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Tenancy / Rental Bond
A bond to secure the tenancy/rental deposit often required in renting
a place for commercial activities.
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Account Payment Bond
This is a general class of bond issued to any service provider for
securing services provided to client. Eg. Bond issued to PSA allow
client to utilize PSA’s facilities.
This class of bond could be sub-categorised further to specific
beneficiary and class of service such as utility service bond, advertising
media bond, IATA Freight Forwarding bond, Airlines Freight Forwarding
Bond etc.
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Utility Service Bond
This is a sub-category of account payment bond issued to utilities
providers (either public or private institutions) for securing utilities
services provided to client.
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Advertising Media Bond
This is a sub-category of account payment bond issued to media service
providers (i.e. operators of either television, radio or printed
media) for securing advertising media services provided to client.
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IATA Freight Forwarding Bond
This is a sub-category of account payment bond issued to IATA (International
Air Transport Association) for freight transportation in and out
of Singapore Changi Airport.
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Airlines Freight Forwarding Bond
This is a sub-category of account payment bond issued to Airlines
for freight transportation in and out of Singapore Changi Airport.
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