Maintenance bonds objective are to guarantee the quality of a contractor’s work, and that the contractor has performed in accordance with the signed contract and the local african standards.
The warranty or maintenance bond ensures that the contractor is maintaining the project to the required standards otherwise the African beneficiary of the guarantee will be able to receive financial compensation from the bank in order to replace the contractor by another.
. The undertaking is by a Guarantee issuer to pay the buyer an amount of money if a company’s warranty obligations for products that are provided are not met and the amount will often be as a stated percentage of the export contract value.
TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE