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Surety Bonds

Surety Bonds in the Philippines help businesses, contractors, suppliers, and service providers meet contractual, legal, and regulatory requirements while giving project owners confidence that contractual obligations will be fulfilled. ​

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If you are bidding for a government infrastructure project, securing a private construction contract, complying with licensing requirements, or guaranteeing the performance of a commercial agreement, obtaining the right surety bond is essential.

What is Surety Bond?

A surety bond is a three-party agreement between the Principal (the contractor or company), the Obligee (the project owner or government agency), and the Surety (The surety company, or at times, an insurance company). If the principal fails to comply with the contract, the surety may compensate the obligee in accordance with the bond terms.

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Whether you are a contractor, developer, supplier, importer, or corporation, we can help you secure the surety bond that meets your project and compliance requirements for your projects in the Philippines.

Surety Bonds Types in the Philippines

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Downpayment Bond

Guarantees that the Principal will properly use the Obligee (normally the project owner)'s downpayment will apply the funds to the project itself. It protects the project owner if the contractor fails to properly use the advance payment

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Heirs Bond

Guarantees that the heir will honor the reights of other lawful heirs. Protects lawful heirs or third parties who may have been excluded from an estate settlement

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Performance Bond

Guarantees that the Principal will complete the project, deliver the required work within the agreed specifications and in the terms and conditions stipulated in the contract as agreed

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Warranty Bond

Also known as Retention Bond, this protects the project owners against defects discovered after the project has been completed and turned over

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Surety Bond - General Requirements

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Surety Bonds, especially during the first application with the Surety Company, have numerous requirements that will go through careful underwriting before the issuance of the bond policy. The requirements usually includes:

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  • Company / Business Registration Documents 

  • Financial Documents

  • Project Experience

  • Filled-out form/s

  • Co-signer requirements (on some cases)

  • Identification documents 

  • Board Resolution / Secretary's Certificate

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