SURETY & JUDICIAL BONDS
Contract bonds, used heavily in the construction industry, are a guarantee from a Surety to a project’s owner (Obligee) that a general contractor (Principal) will adhere to the provisions of a contract.
Being one the most reputable companies in the country, Travellers Insurance & Surety Corporation (TRISCO) provides bond requirements for the following:
This type of bond is most commonly preferred by contractors because this is more efficient and they do not have to be connected to any bank credit lines during the bidding process. Some owners and general contractors also prefer Bid Bonds since they establish and confirm that the bidding contractor or the supplier has the support of a Surety Company and is qualified to undertake a certain project.
Performance Bond is issued by an insurance company like TRISCO which guarantees a satisfactory completion of a project by contractor. This type of bond is most commonly used in the construction of a real property, which guarantees the investor or owner against the failure of the contractor and ensures that the work is in accordance with the specifications laid out by the contract.
Surety bond which is also called guaranty in finance is a promise by one party to assume responsibility for the debt or obligation of a borrower if that borrower defaults.
Various bonds as maybe required by Courts of a complainant or defendant to guarantee performance of an undertaking of said party-litigants.
TRISCO provides this type of bond which ensures that the successor will receive the properties and assets entitled to him/her in accordance with the wishes of a deceased person in accordance with the latter’s will.
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