Construction Bonds – these are types of surety bonds used by stakeholders in construction projects to protect against disruptions or financial loss due to unforeseen failures to complete project(s) or to meet contract specifications.
Advance Payment Bond – taken when a client agrees to make an advance or down payment to a supplier to secure the payment against default by the contractor.
Performance Bond - a surety bond issued to guarantee satisfactory completion of a project by a contractor.
Bid Bond – issued as part of a supply bidding process by the contractor to the project owner, to provide guarantee, that the winning bidder will undertake the contract under the terms at which they bid.
Retention in Lieu Bond- Type of bond that protects the customer after a job or project is finished by guaranteeing that the contractor will carry out all necessary work to correct structural and/or other defects discovered immediately after completion of the contract, even if full payment has been made to the contractor.
ZIMRA Bonds – these are types of surety and guarantee bonds that ensure protection against unforeseen failures to honour duty obligations.
Agents Bond - a good will bond required by Zimra and acts as a guarantee given to a forwarding and clearing agent who handle goods on behalf of other companies to operate registered under the due observation of ZIMRA regulations, with the bond called up on any default of duty payment.
Application for Temporary Importation Privileges (ATIP) Bond – is a guarantee lodged against the exceptional importation of goods (e.g. equipment) that must return to the country of origin in the same state e.g. special equipment hired from outside Zimbabwe for a once of construction project.Removals and Transit RIT/RIB Bond – are guarantees intended for imported goods destined for another country passing through the borders of Zimbabwe without payment of duty.
Warehouse Bond – guarantees apply to a bonded warehouse which could either be a building, an installation or an area licensed to store goods without payment of duty