Pact
Guarantees
7 Years Of Assisting Small To Medium Size Contractors!
Pact Guarantees Pty Ltd was registered and established in 2018. It is privately owned Black Empowered Company and registered Credit Provider NCRCP15696, authorised Financial Service Provider FSP Nr 53444, we assists small to medium size contractors with contract guarantees such as performance sureties, retention guarantees, maintenance guarantees and advance payment guarantees .
Services we offer
"Our Skills And Business Networks Focus On The Delivery Of Guarantee And Other Financial Services In The Southern African Region." Pact Guarantees (Pty) Ltd
- Guarantees or Surety
- Letter of intent
- Performance Sureties
- Performance Demand Guarantees
- Maintenance Guarantees
- Retention Guarantees
- Advance Payment Guarantees
A Guarantee or Surety is issued as part of a bidding process by the surety to the project owner, to guarantee that the winning bidder will undertake the contract under the terms at which they bid. The cash deposit is subject to full or partial forfeiture if the winning contractor fails to either execute the contract or provide the required performance and/or payment bonds. The bid bond assures and guarantees that should the bidder be successful, the bidder will execute the contract and provide the required surety bonds
Letter of Intent is purchased when a contractor, or the ‘principal, is bidding on a tendered contract with public authorities and or private owners. The Bid Bond prequalifies the principal and provides the necessary security to the owner or general contractor, necessitating a guarantee that the principal will enter into the contract, if it is awarded. In essence it provides a guarantee that the Bidder (Constructor), if awarded the contract will enter into the said agreement and furnish the prescribed Performance Bond. A cash deposit is required which is subject to full or partial forfeiture if the winning contractor fails .
An Advance Payment Guarantee binds the supplier to use the advance payment for the purpose stated in the contract between the buyer / employer and the supplier. An advance payment provides the supplier with funds to purchase equipment or components, and/or to make other preparations. In general, the advance payment guarantee should contain a reduction clause that automatically reduces the amount owing in proportion to the value of the (partial) delivery .It only becomes effective once the advance payment has been received and is only issued in connection with Performance Guarantees..
The company conducts its business honestly and ethically wherever we operate in the world. We constantly improve the quality of our services, products and operations and strive to create and maintain our reputation for honesty, fairness, respect, responsibility, integrity, trust and sound business judgment. No illegal or unethical conduct on the part of officers, directors, employees or affiliates is in the company’s best interest..
Lorem ipsum dolor sit amet, consectetur The company will not compromise its principles for short-term advantage. The ethical performance of this company is the sum of the ethics of the men and women who work here; thus, we are all expected to adhere to high standards of personal integrity.
FEATURES
Pact Guarantees Has Strategic Alliances And Partnerships With Compliant Offshore Insurance Entities.
We Are Proficient In The Procurement And Placement Of Guarantees And Commercial Insurance.
Industry Activity:
Most contracts require contractors to provide a construction guarantees to the owner (or employer) guaranteeing the contractor’s performance undertaken in terms of the construction contract, or principal building agreement (PBA).We offer affordable & flexible Construction Guarantee solutions for all segments of the civil & construction industry – from the small bakkie-builder, right up to large, national companies.
Our Vision Is To:
- Provide a professional service to the Southern African economy.
- Provide comfort to all applicants and principals alike with a professional service and advice
- Provide transparency and remain compliant
- Retain a thorough understanding of the Insurance Industy and Financial Markets.
Our Benefits Are:
- We can finalise quotations within 24 – 48 hours*
- We provide all draft and original guarantees within 24 to 48 hours
- We have competitive collateral requirements of between 0 and 10%
- We give qualifying clients structured collateral terms.