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Contractor's Performance Bond |
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When a contractor undertakes a construction
project, the principal usually requires
the contractor to deposit cash as security
or furnish a bond to guarantee the due performance
and observance of the terms and conditions
of the contractor's obligations. In most
cases, the contractor would choose to furnish
a bond instead of putting aside cash as
a security deposit. The value of the bond
is usually a certain percentage of the value
of the contract. |
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Rental Bond |
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Under some tenancy agreements, the landlord
may allow the tenant to furnish a rental
bond instead of the usual cash deposit. |
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Immigration Bond |
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To comply with the immigration regulations
where work permits/visit passes are granted
for engaging foreign workers, employers
are allowed to furnish an immigration bond
to the Controller of Immigration instead
of a cash deposit.
The purpose of this security bond is to
ensure that employers take responsibility
for their foreign workers and repatriate
them after their work permits have been
cancelled or when their employment have
been terminated. |
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Lilian Juan (For Performance, Rental Bond and Immigration Bond)
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