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Bid Bonds

Bid Bonds

Tender Guarantee

A tender guarantee /bid bond is a bank guarantee by which a guarantor (the bank) undertakes to pay to a beneficiary certain amount of money if a tender participant (the guarantee principal) revokes its bid during the bidding process or refuses to conclude contract in accordance with conditions of the accepted tender.

 

In a tender guarantee, the original tender offer, the beneficiary’s obligations and required documents will be clearly listed.

 

How to use this Document?

 

This document should be carefully read by the Bank and the Beneficiary.

 

Both the Bank and the Beneficiary should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.

 

If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.

 

How to Tailor the Document to Your Need

 

  1. Click “Create Document” button and the document will be prepared with with your account details automatically filled in.
  2. Please fill in any additional information by following the step-by-step guide on the left hand side of the preview document and click the “Next” button.
  3. When you are done, click the “Get Document” button and you can download the document in Word or PDF format.
  4. Please review the document carefully and make any final modifications to ensure that the details are correct before sending to the addressee.
 
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