Performance bond

Amspex Global LTD guarantees to pay the employer if the contractor defaults

Performance bond

Amspex Global LTD will, at the request of contractors in construction companies, guarantee to pay a certain amount of money to the employer, or the project’s owner if the contractor defaults the performance obligations as stated in the contract. The sum will be predetermined during the policy’s sale and a certain percentage of the works to be executed. In this case, the employer will be required to substantiate that he suffered a loss due to the contractor failing to oblige to the agreed terms. The employer will seek compensation from the company by merely notifying the company that the contractor could not discharge their obligations, as stated in the contract. The company will pay the employer the agreed amount as stated in the policy upon precise investigation and proof that it violated the contract’s terms.

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11, Kyriakou Matsi Str., Nikis Center, 3rd Floor – Office 303 P.O Box 23282-1680 Nicosia – Cyprus

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