Commercial Surety Bonds
Customs & Excise Bonds
A customs and excise bond is a financial guarantee that ensures the payment of taxes and duties on imported and exported goods.
It's a type of surety bond that ensures compliance with import and export regulations, fosters trust between traders and government authorities, facilitates smoother customs clearance procedures and most importantly, protects the Government against potential revenue loss.
Fuel Guarantees
Fuel Guarantees are a form of security provided to fuel companies to protect against default payment for fuel products delivered.
They enable clients to purchase fuel on credit terms rather than pre-payment, thereby improving cash flow and reducing the need for large upfront capital.
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Retail Fuel Guarantees are specifically designed for fuel stations, truck stops, and petro ports.
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Commercial Fuel Guarantees provide effective solutions for Logistics companies, Mines, Wholesalers, and Distributing Agents.
Mining Rehabilitation Guarantee
Mining rehabilitation guarantees ensure that mining companies are financially responsible for reclaiming and rehabilitating sites after operations cease.
These guarantees, issued by insurance companies, serve as a financial assurance that the Mining Company has adequate resources to restore the land and mitigate environmental damage.
The guarantee amount is based on estimated reclamation and rehabilitation costs, including land recontouring, soil stabilization, water treatment, and vegetation reestablishment.
Educational Institution Surety Bond
Also known as Student Fee Protection Guarantees, these guarantees are a requirement for training institutions registered with the Department of Education (DOE). Institutions must submit a guarantee to the DOE, which confirms that if an institution is unable to provide a course after a student has paid for it, the student can approach the DOE.
The DOE will then activate the guarantee to reimburse the student. This type of guarantee is provided on behalf of the training institutions.
NHBRC Late Enrollment Guarantee
Under the Housing Consumers Protection Measures Act, all Home Builders in South Africa must register with the NHBRC (National Home Builders Registration (NHBRC) and enrol new homes at least 15 days before construction commences.
Failure to comply necessitates a Late Enrolment Guarantee, which protects homeowners for up to five years against defects and ensures quality standards are met through NHBRC inspections.
