The day-to-day responsibilities include:
1. Bank Guarantee (BG) Management: BGs are "safety nets" used to prove financial credibility, assure project owners that work will be completed, and secure mobilization funds.
- Tender/Bid Bonds: Submitting guarantees to show your company is qualified to bid on a project.
- Performance Guarantees: Securing guarantees that assure the client the company will execute the work according to contractual terms and conditions.
- Advance Payment Guarantees: Protecting the project owner if the company fails to deliver after receiving upfront mobilization funds.
2. Letter of Credit (LC) Administration: LCs act as payment assurances, typically used when the construction firm is importing heavy machinery, construction materials, or dealing with international suppliers.
- Opening LCs: Working with banks to issue LCs ensuring suppliers get paid once they fulfill their delivery terms.
- Document Compliance: Ensuring shipping bills, commercial invoices, and transport documents precisely match the LC terms so payments aren't delayed.