There are two broad categories of Bonds namely:
This Bond guarantees the owner of the project (Principal) that the bidder (You) will remain in the bidding process until the project (Contract) is awarded. This bond protects you from financial loss in the event that you fail to sign the contract.
This bond is granted to persons who have been awarded contracts to execute. It is a guarantee to the principal on behalf of the contractor up to the bond value that the contractor will perform the project awarded him according to specifications and within the given time
Advance Payment Bond
The Advance Payment Bond guarantees performance in respect to payments advanced to you by the principal for the projects to be undertaken.
If you import or export goods to or from Ghana, you are legally required to pay Customs duty immediately as the goods enter or leave the country. The Ghana Revenue Authority, acting on behalf of the Government of Ghana, will allow duty payments to be deferred if there is a guarantee in place from a reputable insurance company.
A Customs Bond from IMPERIAL is a guarantee against any loss of revenue arising from the failure, default or non-compliance by your company in terms of your obligations to Customs when it comes to export/import duties.