A bond to secure the performance of any contract. A 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.
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.
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 of the client to enter into a contract or provide performance, or other bond pursuant to such tender.
Retention Money Bond
A bond to secure the payment of any sum(s) released to the client by the beneficiary before the date for payment or release thereof contained in the contract.
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.
Qualifying Certificate Bond
A bond required by the Urban Redevelopment Authority (“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.
A bond required by the Customs and Excise Department. The bond is mainly to ensure importers and exporters do not engage in illegal activities, and that they pay their customs duties promptly.
Foreign Worker Bond
A bond required by the Ministry Of Manpower to ensure that a particular foreign worker remains within the employment of the client during the term of his employment.
Tenancy / Rental Bond
A bond to secure the tenancy/rental deposit often required in renting a place for commercial activities.
Account Payment Bond
A general class of bond issued to any service provider for securing services provided to the client. For instance, a bond issued to PSA allowing the client to utilise PSA’s facilities. This class of bond can be sub-categorised further to specific beneficiary and class of service, such as utility service bond, advertising media bond, IATA freight forwarding bond, and airlines freight forwarding bond.
Utility Service Bond
A sub-category of account payment bond issued to utilities providers (both public or private institutions) for securing utilities services provided to the client.
Advertising Media Bond
A sub-category of account payment bond issued to media service providers (i.e. operators of television, radio or printed media) for securing advertising media services provided to the client.
IATA Freight Forwarding Bond
A sub-category of account payment bond issued to the International Air Transport Association (“IATA”) for freight transportation in and out of Singapore Changi Airport.
Airlines Freight Forwarding Bond
A sub-category of account payment bond issued to airlines for freight transportation in and out of Singapore Changi Airport.