Text Box: Advance Mobilization Bond

Caricom General Insurance Company, Inc.

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Advance Mobilization Bonds guarantee an advance given to a contractor to enable the contractor to start work on the project.  The employer expects the advance given out to complete works to a certain stage e.g. foundation, wall or roof stage and the works must conform to the standards stipulated in the contract.  When the contractor fails to complete works to the aspired level or delivers work that does not conform to the standards of the contract conditions and is unable to rectify or complete the works to the required stage, the guarantor pays the employer the full sum of the advance payment or employ somebody else to do the work. 

Liability under this guarantee is reduced in amount as and when the contractor submits certificates signed by the consultant or supervisor indicating that works have been completed to that stage as required by the terms and conditions of the contract