Advance Payment Guarantee.
This is an undertaking by a bank to the procuring entity guaranteeing that the contractor can be paid an advance payment to perform the contractual obligation as per the agreement between the contractor and the procuring entity.
Within a period of 24hrs you get the letter of offer, however the issuance of the guarantee depends on the collateral offered;
• If collateral is the cash being advanced, the APG is issued immediately upon signing the offer letter.
• If collateral is tangible asset like title deed the APG will be issued upon legal charge i.e. within 3- 4 weeks; for motor vehicle issuance is done within a day after signing the offer letter, and for shares within 2 days.
– Just an application.
– Award Letter.
– Company registration documents.
– A list of previously performed jobs.
– Bank statements.
For amount above KES 5 Million, additional documents like Audited books, Cashflows, Company Profile etc will be required.