PUB is one of the participating agencies who is on board eGuarantee@Gov an initiative to digitalize banker’s guarantees and insurance bonds provided to government agencies.
Performance Bond for PUB Contracts
For PUB procurement above $500K, the awarded contractors shall be required to provide the Board a Security Deposit for the due and faithful performance of the Contract, either in the form of cash or a guarantee issued by a FinancialInstitution registered with Monetary Authority of Singapore.
With the launch of eGuarantee@Gov which provides a streamlined and seamless application process, the contractor may consider adoption of eGuarantee instead of the conventional submission of a paper guarantee for their awarded contracts.
Benefits of applying for an eGuarantee
•
Swift: With eGuarantee@Gov, businesses and individuals can provide a guarantee to government agencies for their contractual or licensing obligations within a day.
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Seamless: Businesses and individuals no longer need to deliver the paper guarantees to the government agencies. Guarantees will be issued to government agencies securely and electronically by the Financial Institutions through Singapore Customs’ Networked Trade Platform (NTP).
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Savings: In addition to time savings, businesses and individuals get to enjoy cost savings through the eliminations of courier charges, printing cost and physical storage cost.
Application for an eGuarantee
Contractors can apply for an eGuarantee from the participating Financial Institutions (FI) who have been set up as business partners with PUB.
a.
First, retrieve the following information from PUB Procurement & Contracts Department:
i.
Guarantee Template Reference Code
ii.
Case reference Number
iv.
Other Relevant Information
b.
Next, go to
www.eguarantee.gov.sg to choose your preferred eGuarantee provider from a list of participating FI.
c.
Finally, provide the relevant information to your FI, which will process your application and issue the eGuarantee directly to PUB.
Benefits of applying for an eGuarantee
Application process for an eGuarantee
Steps to apply for eGuarantee
2.
3.
The FI will process your application and send the eGuarantee to the PUB, who will process it and advise you on the next steps required. There is no need for you to collect the eGuarantee and courier it to PUB.
Note: No original hardcopy Guarantee will be issued.
Contact Details
