Security Guarantee

Performance guarantee

Successful bidders often require a performance guarantee for a percentage of the contract amount. Silvershark provides an irrevocable and unconditional guarantee directly to all successful bidders, covering 100% of the risk that comes with issuing a bank instrument, allowing you to meet the bonding requirements of current contracts and still take advantage of the next opportunity.

Security guarantee also helps ensuring that obligations of a Customs procedure e.g. payment of duties and taxes, will be fulfilled in a given period in return for simplifications from the normal procedure e.g. release prior to clearance, deferred payment, or provisional release, where for example a supporting document is missing or the goods declaration is provisional.

Guarantees and securities are also required for all Customs procedures where the payment of the duties and taxes are suspended for the time during which the goods are placed under this particular Customs procedure, e.g. :

-Warehousing

-Construction

-Commodities Cover

-Export And Haulage

-Mining

-Bid Bonds