Escalator pre-purchase
| bond type | Advanced Payment bond |
| purpose | To purchase escalators for a construction project |
| bond facility limit |
$5,000,000 |
| contract value | $33,886,222 |
| bond value | $425,000 |
| bond amount | $425,000 |
| bond term | 76 days. Calculated as per day. |
The client was specialist in the design and construction of commercial office buildings.
They had been awarded a contract to partially demolish then add more floors, a new façade, new building services and base building fit out on a commercial office building in a capital city.
The client was allowed pre-payments to cover the pre-purchase of escalators.
The Advance Payment bond provided the principal with security against the funds advanced to the construction company for the escalator purchase.
quick contact