Provision of Warranties
Consequently, our company has also brought the product of the insurance warranty to the insurance market, the warranty of contract / execution, the warranty of advance payments and the warranty of security / retention.
The Bid Warranty Contract - is issued by the warrantor on behalf of the contractor. The contractor will be insured at the value of the insured amount.
Through this contract, the warrantor owes the beneficiary up to the value of the insured amount, if the contractor who is a participant in the tender:
- Withdraws prior to the tender's completion.
- Has not signed the contract within the bid validity period, when selected as winner.
Contract / Execution Warranty
The Contract Warranty - is a contract that is concluded between the warrantor and the contractor and provides the beneficiary under the terms when the contractor fails to fulfill his contractual obligations towards the beneficiary and fulfills the obligations of the contractor, obligations that derive to the contractor from the contract.
This guarantee contract relates to the purpose of strengthening the trust on settlement of the contractor's obligations towards the beneficiaries. Based on this contract, the guarantor undertakes to fulfill any contractual obligation, which is described in this contract.
Advance Payment Warranty
As determined by the Advance Warranty Certificate and the terms of the contract on the basis of which this Warranty is issued, the Warrantor Insurance Company Illyria commits that if the Contractor fails to meet their obligations, the Beneficiary of the Guaranteed Amount it shall meet the obligations up to the guaranteed amount.
Preservation / Retention Warranty
This warranty contract concluded between the warrantor and the contractor insures the beneficiary in case that the contractor does not fulfill his contractual obligations towards the beneficiary and fulfills the obligations of the contractor, the obligations which derive from the contract to the contractor. By fulfilling the obligations towards the beneficiary, the warrantor (Insurance Company "Illyria" sh.a.) is entitled to address the contractor, with all legal remedies, to compensate for the expenses incurred when fulfilling the Obligations to beneficiaries (transfer of rights from the beneficiary to the warrantor).