Making the right choice to mitigate the risks brought about by the breach of contracts, agreements or provisions of the law is imperative to sound business and one’s protection.
A bond is a three-party agreement where AXA Philippines assures the performance of an obligation of the bond applicant (principal/obligor) to a third party (obligee/bond beneficiary), by virtue of the contract or as required by law.
Guarantees financial indemnification to the obligee in the event that the principal/obligor defaulted or failed to perform the terms and conditions stipulated in the contract or court order. The bond guarantees that if undertaking written on the agreed contract is not complied/performed, the obligee will be indemnified.
A reconstituted title bond undertakes to indemnify the mortgagee against any loss or damage which it may suffer arising from claims presented to any person against the property whose rights might have been prejudiced, pursuant to section 7 & 8 of Republic act no. 26 which provides for special procedure for the reconstitution of torrens certificate of title that are missing and not fictitious titles which are existing.
Guarantees the payment of money or loan (financial guarantee) or the payment of the purchase price or balance thereof within the stipulated period in accordance with the terms and conditions of the agreement (credit guarantee).
One required by the government or any of its agencies and instrumentalities which guarantees compliance with the terms and conditions of a license or permit granted to any person or entity to operate a particular business (such as real estate broker’s bond and POEA or DOLE surety bond).
Seeks to cover an employer against loss of money or of any other kind of property, whether real or personal, arising from the fraudulent or dishonest acts of the employees covered.
Seeks to indemnify the bank or issuing corporation against any loss or damage which it may suffer by reason of the replacement of lost check or lost stock certificate, respectively.