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  >    >  Sureties and Guarantees (Bonds)  >  Performance Bond

Performance Bond

$100.00

It is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract. It is common in construction and real estate development (Private & Government Projects). In such situations, an owner or investor may require the developer to assure that contractors or project managers acquire it in order to guarantee that the value of the work will not be lost in an event of unforeseen circumstances.

Documents Required

  • Letter of Award / Project Contract / Agreement / Purchase Order
  • Latest ACRA Bizfile (within 3 months)
  • Latest Audited Financials
  • Bond Format (if any)

Applicable to

  • Contractors
  • Suppliers

Case Study
ABC Construction is awarded a $10 million contract by XYZ Development. XYZ requires a 5% performance bond from ABC amounting to $500,000. Upon completion of the project, the bond will be returned to ABC thus ending ABC’s liability to XYZ.
Find a Broker
For more information on Performance Bond, please contact us at:

Name : Hellen Sim
Contact : +65 6922 7268
Email : hellensim@awginsurance.com

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Product Description

It is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract. It is common in construction and real estate development (Private & Government Projects). In such situations, an owner or investor may require the developer to assure that contractors or project managers acquire it in order to guarantee that the value of the work will not be lost in an event of unforeseen circumstances.

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