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Bonds

GSIS offers different types of bonds such as bidders bond, performance bond, surety bond, haulers bond, and customs bond.

A private contractor for a government project may request GSIS to issue a performance bond in favor of a government office to guarantee  the completion of the project. Should the contractor fail to construct the building according to the specifications laid out by the contract (most often due to the bankcruptcy of the contractor), the government office is guaranteed compensation for any monetary loss up to the amount of the performance bond.

Bonds help ensure that government agencies complete their projects on time.