Retention Monies Guarantees

This is similar to the Maintenance Bond and covers the same parameters.

SME’s applying for a facility with PCBS need to fulfil certain prescribed requirements by submitting the following documents:

▸Company profile (including an organogram and copies of current and previous contracts)
▸Two years’ financial statements and three months’ bank statements
▸Letter of appointment
▸Contract information
▸Guarantee wording requirements
▸Company registration documentation
▸Copies of all members’ identity documents and income tax numbers
▸Copy of letterhead
▸Tax clearance certificates
▸CIDB certificate
All applications are subjected to a thorough analysis to establish the contractor’s risk profile. PCBS also determine contractors’ financial standing and their resource capabilities to fulfil the contract obligations. Furthermore, an owners’ character assessment is carried out.