South Africa Business Directory

Civilsure

Address

Knysna, Eastern Cape, 6570

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Contact Information

www.civilsure.co.za
+27(0)44 382 0550
044 382 055 2
Contact Civilsure

Description about Civilsure

For every Civil and Construction company, or transporter of quarry products and building materials, protecting your assets, in fact your livelihood, is essential - Civilsure's specialised and industry driven civil insurance products make light work of finding the right cover at the right price.

It is a given fact that in recent years the insurance premiums attracted by the Civils industry have not been relative as builders, civil companies as well as quarry and building material transporters have together been classified as general commercial insurance risks.

CivilSure now consequently provides a scheme designed as a specific commercial insurance solution for the Civils Industry that works hard on both protection and price to give you, the risk taker, complete peace of mind.

Press Release from Civilsure

Guarantees [Sunday, January 09, 2011]

Bid / Tender Bonds

When tenders are submitted, they are usually accompanied by Bid/Tender Bonds. The purpose of the Bond is to compensate the employer for costs incurred in the event that the company, which is successful in being awarded the tender, does not or cannot take up the contract.

Performance Bonds

This is probably the most common form of Guarantee, which protects the Employer/Principal against the risk of the contractor failing to comply with the conditions of the contract.

Traditionally, the guarantee amount is equal to 10% of the contract sum. However, recently the new format JBCC 'fixed' (7, 5%) guarantee or 'variable' (12, 5% reducing to 2%) guarantee was introduced, of which the latter version includes a Retention money element.

Advance Payment Guarantee / Bond

Some contracts make provision for Employers / Principals to pre-finance a contractor by making payments before commencement of the contract. The Employer / Principal secure such a risk by acquiring an advance payment guarantee / bond in return.

Usually, the guarantee amount will decrease in accordance with the percentage of the work certified. The guarantee / bond will be equal to the pre-financed amount - usually 30%.