Bonds And Guarantees

Products We Offer

CredSure issues local bonds and guarantees required by contractors and importers including customs and court bonds. A bond or guarantee can be described as a written understanding by the guarantor to accept responsibility for the performance of a contractual obligation entered into by the contractor liable for any breach.

Custom Bonds

ATIP Bonds

This covers importation privileges. Where goods are temporarily imported and then exported, firms need to be exempted from city, so that if goods are not taken out by a specified date, duty will be payable by the guarantor.

Warehouse Bonds

Customs require a bond on warehouses storing imported goods to ensure that duty is paid once the goods are cleared and removed.

Removal in Transit Bonds

Goods in transit, such as those imported from South Africa to Zambia, are exempt from duty for the Zimbabwean freight forwarding company. A removal in transit bond facilitates this process.

Inward Processing Rebates

These cover the importation of raw materials without duty and the goods manufactured therefrom also being exported.

Agents Bond

This bond is required by Customs from forwarding and clearing companies who handle goods on behalf of other companies for the due observation of ZIMRA regulations and payment.

Construction Bonds

Bid Bonds

This bond ascertains the seriousness of the contractor. It is seen as an assurance by the contractors that the tender procedures will be followed.

Performance Bond

This bond covers against defective workmanship and ensures work is done to specifications and standards within the required time.

Advance Payment Bond

This bond is required to guard against the misuse of money that is paid in advance to contractors for the purchase of materials

Retention Bond

This bond allows retention monies to be released to the contractor while guaranteeing the employer that, in case of contractor default, those funds will be paid to them.

Maintenance Bond

Construction defects might be noticed six months or more after completion of a project. This bond covers costs of any defects that are realised after completion of works.

Court Bonds

Administration of Estate Bond

The Master of High Court mandates this bond to protect beneficiaries from mal-administration and fraud by the estate administrator, ensuring their interests are safeguarded.

Judicial Management Bond

The Master of the High Court requires this bond to guarantee the effective management of a financially troubled company, preventing potential liquidation and ensuring proper oversight.

Liquidators Bond

This bond is required by the Master of the High Court to ensure the due performance of the person appointed in the liquidation proceedings of a company.

Other Bonds

Railway Ledger Bond

The National Railways of Zimbabwe requires this bond from companies using railway carriage facilities on credit, providing security against default on monthly payments by those customers.

Marine

Covers the loss or damage of ships, cargo, terminals, and any transport or property by which cargo is transferred, acquired, or held between the points of origin and final destination.

Hull Insurance

Covers loss of or damage to the actual ship, yacht or motor boat whilst being used on water, laid up and during transit to and from the lake. Cover also applies to outboard motors and ancillary equipment e.g ship to shore radios e.t.c.

Cargo

Covers loss of or damage to goods in transit. Cover is from warehouse to warehouse until final destination. Cover is on an all risk basis and exclusions include war, nuclear disaster, wear and tear and damage due to dampness.