|Required Forms (COIN) (A-BB) (A-PA) (A-MRC) (CI) (LA) ((A) (B) (C) (D)} (IN-PAMRC) (Ext) (DOF) (MPR) (MP) (GL)|
Financial Service to the Construction Contractors who possess valid National Registration developed by the Institute for Construction Training & Development (ICTAD)
For several decades, Construction Contractors, particularly the small and medium scale Contractors were faced with a dilemma in complying with the regulations that require them to furnish Bonds and Guarantees for the purpose of Bidding and Executing Construction Contracts for both the State and Private Sector Organizations. Such a scenario was caused as Commercial Banks demand large cash margins or immovable property as Security/Collateral for providing the Construction Contractors with bonding facilities. Such margins or collateral ranged from 100-200% of the Bond value.
On representations made by the Industry in this regard, the Government in 1999 decided to set-up a Government Funded Organization to provide the required facilities to Construction Contractors against reasonable conditions. For this purpose Government allocated a grant of Rs.100.0 Million from the Budget. The secretary to the Treasury was entrusted to implement the proposal to established a trust and accordingly the declaration of trust was entered between the Secretary to the Treasury as settlor and bestowed powers to a Board of Trustees comprised from Government & Private sector for the proper execution and the Management of the Trust/Fund.
It was in this context that the Construction Guarantee Trust/Fund (CGF) was established in 1999 as an Independent Trust with autonomy. Accordingly, the Trust/Fund is presently administered by a Board of Trustees represented from the Government and Private Sectors, under the Chairmanship of the Secretary to the Ministry incharge of the subject of construction.
The main objective of the Trust/Fund is to provide Bonds & Guarantees to Construction Contractors for them to provide Bonds & Guarantees and such other securities when Bidding & undertaking Construction Contracts and matters connected theirwith.
In order to obtain such securities the Construction Contractors who possess a valid Registration under the National Registration Scheme developed by Institute of Construction Training And Development (ICTAD).
The Construction Contractors who are interest in obtaining the services of CGF have first to register with CGF by providing the Company profile & other relevant details requested therein.
The Registration and other related Forms:-
1. (COIN) - to Register with the CGF
2. (A-BB) - Application for Bid Bond (to be used at the time of Bidding/Tendering)
3. (A-PA) - Application for Performance Bond/Advance Payment Guarantee
4. (A-MRC) - Application for Maintenance/Retention/Combined Bond
5. (CI) - information required yearly or at times where there are changes/amendments to the company Profile
6. (LA) - Contractors undertaking to maintain financial discipline – (Letter of Undertaking)
7. (A), (B), (C), (D) - opening of Project/Lien Account. All formats are attached with (A-PA) & (A-MRC)
8. (IN-PAMRC) - Indemnity attached with all Applications – (BB), (A-PA) & (A-MRC)
9. (Ext) - to be used when extension of time required for the existing Bonds/Guarantees – (Application for Extension)
10. (DOF) - to be used when apply to release funds from Lien/Project Account- (Disbursement of Funds)
11.(MPR) - format to be used by the Contractors to submit the Monthly Progress of the Project – this is a requirement – (Monthly Progress Report)
12. (MP) - information to the contractors-to understand the specific areas concern/monitor by the CGF– (Guide Line for Monitoring of Projects)
13. (GL) - additional information to Contractor to understand the CGF Management Guide Lines/Instructions–to all Contractors
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|Last Updated On: 2023-03-15 04:54:23|