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건설공제조합 Construction Guarantee 건설공제조합 Construction Guarantee

 
 
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Guarantee

Mutual trust is important to the successful execution of large construction projects. Both developers and construction companies need a means by which to establish trust in their business relations. CG provides a variety of guarantee products to protect our beneficiaries from the bidding phase to the completion of the project. Recently, we have taken part in an increasing number of overseas construction contracts, and we are expanding our overseas products accordingly.

Guarantees per construction phase
Ordering stage of contracted works
  • Bid Bond protects project owner from loss in case any cooperative members who won the bidding for construction wok fail to execute service contract, by subrogation payment.
Execution stage of contracted works
  • Our contract guarantee will pay subrogation payment in case cause of subrogation is triggered due to failure by any cooperative members to fulfill contractual obligations
  • Our Performance Bond will fulfill the obligation of cooperative member or will pay subrogation payment in case any cooperative member fails to fulfill contractual obligation.
Contracted work progress stage
  • Our Advanced Payment Bond guarantee repayment of any advance payment received by any cooperative member in case any cause of refund thereof occurs according to contracted conditions.
  • Our reserved progress payment guarantee will pay subrogation payment in case any cause of subrogation occurs due to failure by cooperative members to honor liability on reserved progress payment prescribed in the contract document.
  • Subcontract Payment Bond guarantees will pay subrogation to a subcontractor; in case any cooperative member fails to pay according to subcontractor contract.
Completion stage of contracted works
  • Under Warranty Bond, we take responsibility on repair of any defect arising after completion of construction contracted works, in case relevant cooperative member fails to fulfill such repair.