Bonds
Insurance bonds are simple investments which allow investors to save for the long term. An investor may choose from funds, similar to mutual funds, offered by a life insurance company.
Bid bond
It is a type bond which provides guarantee that bidders will not opt out of bidding process. If the bidders redraw or pack off from the bidding process due to circumstances beyond their means, the insurance company paid all the cost incurred by the principal in organising the bidding process.
Performance bond
It is a type of bond that gives assurance to the principal that the contractor shall perform the contract.
Advance mobilization bond
It is a type of bond which provides security to the principal. It assures the principal that the contractor will use the money to him/her for the contract he won.
Transit Bond
This is a guarantee given to clients who are transporting imported goods for which duties have not been paid from a stated point in the country to a point of exit to a neighboring country.
The bond is an affirmation to CEPS that the insurance company guarantees to pay the duty on the goods, should the client fail to transport the imported goods outside the country but sells them leading to the loss of duty to the state. If the goods are successfully carried to their destination then the bond becomes void.
Re-exportation Bond
This bond is granted to clients who bring in imported goods to use in the Country during their visits and to send them back. The bond is a guarantee up to the duty payable on the item should the visitor fail to send back the goods have been sold and the duty is lost to the State.
This bond is also issued to clients who want to re-export imported goods to another Country. The bond guarantees up to the duty payable on the goods should the client fail to re-export the goods and it is discovered that they were sold in the country.
Exportation Bond
This guarantee is given to clients who want to export locally produced goods to other countries. The bond is a guarantee to CEPS up to the sales tax duty payable on the goods should the client fail to export the goods and it is discovered that the goods have been sold in the country and the duty is lost to the State. The bond becomes void when the goods are duly exported to their destination country.
Warehouse Bond
This bond is granted to Companies or individual importers who have requested to be allowed to put their imported goods, on which duties have not been paid, at their warehouses and to pay the duty later. The bond guarantees to pay CEPS up to the bond value, should the Company or individual default in the payment of duty of the goods.
Removal Bond
This bond guarantees the Company or an individual to pay to CEPS up to the bond value, should the goods being removed from one destination to another fail to be delivered at the final destination leading to the loss of duty to the State.
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