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  >    >  Sureties and Guarantees (Bonds)  >  Retention Bond

Retention Bond

$100.00

Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate that is retained by the client. This ensures the contractor properly completes the works required under the contract.

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 has $1 million of retention monies with the main contractor, XYZ Builders. ABC Construction needs a sum of money to pay for additional machinery for expansion. They will then request XYZ Builders to release the retention monies via the issuance of a Retention Bond from an insurance company. Upon the agreement from XYZ Builders, with the extra $1 million, ABC Construction can next successfully go through with their expansion plans.
Find a Broker
For more information on Retention Bond, please contact us at:

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

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Product Description

Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate that is retained by the client. This ensures the contractor properly completes the works required under the contract.

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