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Insurance Policies >> General Bonds

Advance Mobilization

This guarantee is given out to contractors only when the principal wishes to advance an amount of money to the contractor to mobilize resources to work on the project.

The bond is an undertaking to the owner of the project to refund monies advanced to the contractor to mobilize resources to work on the project should the contractor after collecting the mobilization fund default in the performance of the project.

 

If however the contractor utilizes the money in the performance of the project successfully then the bond becomes void.

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