This is a guarantee given to a principal on behalf of the contractor for the advance payment or mobilization to the contractor by the principal for the execution of the contract entered into by both parties.
This bond therefore guaranteed that the contractor will utilize the advance payment for the execution of the job and in the event of his failure to do that the bond will indemnify the principal to the extent of the non-execution of the contract.
NB: Bond businesses are strictly on cash and carry bases subject to the fulfillment of certain terms and conditions by the contractor.
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