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.

Customs 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

This covers goods in transit to another destination. For example goods are imported from South Africa and the end user is in Zambia, the Zimbabwean freight forwarding company does not have to pay duty with respect to these goods. A removal in transit bond is put in place to ensure that goods get to the final customer without duty being paid whilst in transit.

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 Bond

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 enables the retention monies to be released to the contractor, at the same time guaranteeing the employer that in the event of default by the contractor, such monies will be paid to the employer.

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 requires this bond to ensure that beneficiaries will not be prejudiced by mal-administration and fraud by the administrator of the estate.

Judicial Management Bond

This bond is required by the Master of the High Court to ensure the due performance of expert management that has been called in to avoid the liquidation of a company that is experiencing financial difficulties.

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

This bond is required by the National Railways of Zimbabwe from the companies that use railway carriage facilities on credit. This bond offers security against default of the monthly payments by the respective 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.

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