bonds-and-surety

Bonds and Surety

AFPGen guarantees satisfactory fulfillment of bids, job orders, and other contracts, security or monies entrusted to employees, faithful observance of legal obligations, etc. thru its bonding and surety services.

Suretyship Bonding services are also available, particularly to contractors and suppliers doing business with the AFP and PNP units. We provide Bonding coverage to the obligee, such as the AFP and PNP to indemnify them for the losses incurred in the event of the contractor or supplier to whom the contract was awarded, failed to deliver the goods or services as agreed upon in the subject contract.

Bonds Insurance – is an agreement among three parties whereby a surety company guarantees the performance by an individual (called the principal) of an obligation or undertaking in favor of a third party (called the obligee). The Surety Company undertakes to indemnify the obligee for whatever loss he might suffer if the principal fails to comply with his obligation.

BONDS WRITTEN BY AFP GENERAL INSURANCE CORPORATION

  1. SURETY BOND
    This bond answers for the non-performance of a principal obligation.
  2. FIDELITY BOND
    A Fidelity Bond is a contract under which any losses sustained by an employer (obligee) because of the dishonesty of an employee covered by the contract are made good by the insurance and surety company.
  3. FIREARM BOND
    This is a license or permit bond required of persons applying for or possessing firearms in the Phils.
  4. FIREARM DEALER’S BOND
    This is a license or permit bond similar to the Firearm Bond but applies to dealers only of firearms and ammunitions.
  5. BID BONDS
    The Bid Bond is required when a job, whether for construction or supply or undertaking, is opened for competitive bidding. The function of the bid bond is to guarantee the good faith of the bidder.
  6. PERFORMANCE BOND
    This Bond guarantees faithful performance of the terms of a contract for construction, for furnishing of supplies and other undertakings. The Performance Bond gives the owner financial protection, assures prompt completion should the contractor defaults, guarantees against defective workmanship or material and, all in all underwrites the provisions of the contract.
  7. RECONSTITUTED TITLE BOND
    The guarantees the buyer or mortgagor of the property that the property covered by the reconstituted title is free from any alien or claim other than those stated on the title.
  8. SUPERSEDEAS BOND
    Guarantees performance of the judgment in case it be affirmed wholly or in part.

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