Be Part of Our Team Contact Us
MAA
General Assurance Phils. Inc.

Surety / Bonds

An agreement whereby one party called the Surety, for a Valuable consideration or free known as premium, binds himself to guarantee the performance of another party called the Principal or Obligor of an obligation or undertaking in favor of a third party called the Obligee.

Application and Requirements (attached)

Parties to a Bond:

The Surety - issues the bond and is the guarantor

The Principal or Obligor - on whose behalf the bond is issued by the Surety

The Obligee - In whose favor the bond is issued

Surety Agreement:

The Principal Contract - this is the contract between Principal and the Obligee where the former binds himself to faithfully performs his obligation in accordance with the terms and conditions agreed upon.

The Contract of Suretyship - this is the contract wherein the Surety guarantees the faithful performance of the principal of his contract with the Obligee.

The Indemnity Agreement - contract where the Principal and his co-indemnitors bind themselves to reimburse the Surety for losses sustained in consequence or the issuance of the bond. This agreement also provides that the principal agrees to pay the bond premium.

Non-Judicial Bond

I. Construction Bond

a. Bidders Bond

b. Performance Bond

c. Advance payment Bond

d. Labor and Materials Payment

e. Warranty Bond

II. Fidelity Bond

III. Guarantee Payment Bonds

a. Credit

b. Financial

Judicial Bond

I. Judiciary Bonds

a. Administrator's Bond

b. Executor's Bond

c. Guardian's Bond

d. Receivership's bond

II. Civil Judicial Bonds

a. Heir's Bond

b. Bond to Levy Attachments

c. Replivin Bond

d. Counter Replevin

e. Supersedeas Bond

Welcome to MAAGAP! Your privacy is important to us. By using this website, you agree to the use of cookies and your personal information in accordance with our Privacy Policy.

MAAGAP Privacy Policy    I AGREE
(+632) 8867 2452 to 55
MAA
General Assurance Phils. Inc.

The birth of MAA General Assurance Phil., Inc. (MAAGAP) took place when its parent company, MAA International Group Ltd. (MAAIG) from Malaysia ventured to strategically expand its business in Asia. MAAIG is an offshore composite insurance company licensed under the Offshore Insurance Act 1990 in Labuan International Offshore Financial Centre (IOFC) to underwrite life and general insurance and reinsurance business.

Gearing for the planned expansion, MAA procured the insurance license of the then Paramount Insurance Corporation and renamed it MAA General Assurance Phil., Inc. Read more...

2022 MAA General Assurance Phils. Inc.
Disclaimer