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NEWS & EVENTS |
Surety Bond
A bond or contact of suretyship is an accessory agreement whereby a party called the surety jointly and severally guarantees performance by another party called the principal of a primary obligation required by either law or contract to be performed in favor of a third party called oblige.
Non Resident’s Worker Labor Bond
This is required in connection with the intention of an employer to hire a non-resident worker in accordance with the alien Labor Rules and Regulations issued by the Department of Labor and Immigration of the CNMI.
This surety/labor bonds is to guarantee the payment of (a) wages, (b) medical expenses and (c) repatriation costs of the employee.
Bid Bond
This is required in connection with the submission of tenders for contracts with public authorities and private owners to guarantee that the bidder (contractor), if awarded the contract, will enter into a contract and furnish the prescribed performance bonds.
Performance Bond
This is required for a contractor to guarantee the full and timely performance of the contract according to plans and specification.
Payment Bond
This Bond guarantees that the contractor will pay all the bills incurred in connection with the use of labor and supply of materials required in fulfillment of the contract.
Above is only general information of the product, and subject to Traders Insurance Company terms and conditions.