Chief Service

Guaranty Services

Guaranty Services

Guarantee
  • KSCFC takes the responsibility in performance of duty or debt through guarantee services if its members do not fulfil duty or debt in progress that run construction business.
Types of Guarantee Services
Guarantee Services
Classification Description
Bid Bond Guarantee in performance of obligation for bid deposit (bid participants shall deposit more than 5% of bidding price)
Contract Performance Bond Guarantee of obligation for contract performance
Surety Bond Guarantee of payments or obligation for contract performance
Performance Balance Bond Guarantee of obligation for balance deposit caused by a difference between a contract price and budget price
Third Party Compensation Performance Bond Guarantee of indemnification for damage to the third party in the middle of construction works
Maintenance Bond Guarantee in performance of obligation to repair defects of completed projects caused by a member?? violation of drawings, documents and other instructions
Advance Payment Bond Guarantee of obligation to return prepayment received in relation to contracted works
Reserve Progress Payment Bond Guarantee of obligation for reserve progress payment
Guarantee For Payment Bond Guarantee for payment bonds needed to open Stand-by Credit, issue Letter of guarantee at the domestic and foreign financial institutions
Loan Bond Guarantee of obligation for discounting of bills at financial institutions
Lease Bond Guarantee of obligation for discounting of bills at financial institutions
Subcontract Payment Bond Guarantee of obligation for subcontract payment according to The Fair Subcontract Transactions Act
Approval License Bonde Guarantee of obligation for deposit that should be paid to (local)government for restoration
Temporary Power Usage Preliminary Deposit Bond Guarantee of obligation for temporary power usage