Surety Bonds

A Surety bond (guarantee) is defined as a three-party agreement that legally binds together you (who need the bond), beneficiary (who requires the bond) and insurance company (that sells the bond). The bond guarantees that beneficiary will receive a certain amount by insurance company if you fail to meet contractual obligations in the timely manner. Therefore, surety bond protects the beneficiary against losses resulting from your failure to meet obligations.

TBC Insurance issues guarantees both in written and in electronic form (e-tenders).

Types of Surety Bonds

Tender (Bid) Bonds - participation in a tender/auction
Performance Bonds - Fulfillment of contractual obligations
Advance payment Bonds - To guarantee purpose of funds received in advance
Retention Bonds - Supplied product/service quality assurance
Customs Bonds - Customs duties and fees payment assurance
Payment guarantee - Contractual payment commitment assurance

How to annual Surety Bond

Issued Surety Bond may be annulled solely upon receipt of a written request from the beneficiary or is canceled upon expiration.

Surety Bond tenure

Based on tender or contractual terms

Required procedures

Submit required documentation
Asses financial information
Evaluate collateral
Make decision about Bond issuance
Approved bonds documentation process

Who the surety bond is meant for

Surety Bonds may be issued for legal entities providing service or product supply within Georgia.