Bonds And Guarantees

NicozDiamond offers wide coverage on bonds and guarantees.

Customs Bonds

Warehouse Bonds

Customs require a bond on warehouses storing imported goods to ensure that duty is paid once the goods are cleared and removed.

Agents Bond

An agents bond is required by Customs from forwarding and clearing companies who handle goods on behalf of other companies for the due observation of the regulatory authority’s regulations and payment.

Marine Cargo and Hull Insurance

Removal in Transit Bonds

An agents bond is required by Customs from forwarding and clearing companies who handle goods on behalf of other companies for the due observation of the regulatory authority’s regulations and payment.

Construction Bonds

Performance Bond

This bond covers against defective workmanship and ensures work is done to specifications and standards within the required time

Advance Payment Bond

An advance payment bond is required to guard against the misuse of money that is paid in advance to contractors for the purchase of materials.

Bid Bond

A bid bond determines the seriousness of the contractor. It is an assurance by the contractors that the tender procedures will be followed.

First Mutual Wealth

Retention Bond

A retention bond enables the retention monies to be released to the contractor, at the same time guaranteeing the employer that in the event of default by the contractor, such monies will be paid to the employer.

Maintenance Bond

A maintenance bond covers costs of any defects that are realised after completion of works.

Court Bonds

Judicial Management Bond

A judicial management bond is required by the Master of the High Court to ensure the due performance of expert management that has been called in to avoid the liquidation of a company that is experiencing financial difficulties.

House Holders Insurance

Administration of Estate Bond

An administration of estate bond is required to ensure that beneficiaries of an estate will not be prejudiced by mal-administration and fraud by the administrator of the estate.

Liquidators Bond

This bond is required to ensure the due performance of the person appointed in the liquidation proceedings of a company.