| FOREX EXCHANGE
USD BUY: 101.30 SELL: 105.70
GBP BUY: 134.90 SELL: 139.00
EURO BUY: 120.50 SELL: 124.35
INR BUY: 1.58 SELL: 1.64
AUD BUY: 79.70 SELL: 82.45
JPY BUY: 0.91 SELL: 0.94
ZAR BUY: 7.65 SELL: 9.15
CAD BUY: 81.00 SELL: 84.10
CHF BUY: 105.25 SELL: 108.05
TZS BUY: 0.0372 SELL: 0.0456
UGX BUY: 0.0247 SELL: 0.0281
AED BUY: 27.85 SELL: 29.90

Insurance Guarantees

A guarantee is a unilateral contract in which the guarantor undertakes to make a payment to a specified beneficiary within certain limits of a stated sum of money when the third party (contractor / supplier) fails to perform an obligation as per the terms of the contract. The Insurance Agency in this case becomes the guarantor.

There are 2 types of Inusrance Guarantees available: 

Bid Bonds

This is a written guarantee from a third party guarantor (A Bank or An Insurance Company) submitted to a Principal by a Contractor (bidder) which ensures that on winning of a bid, the contractor will proceed with the contract and will replace the bid bond with a performance Bond otherwise, the guarantor will pay the principal the difference between the contractor’s bid and the next highest bidder.

A bid bond is not an insurance, and (if cashed by the principal) the payment amount is recovered by the guarantor from the contractor

Perfomance Bonds

Also known as a contract bond. It is issued by an insurance company to guarantee satisfactory completion of a project by a contractor. It ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract.

I’m Interested