Ensure the acceptance of a tender by a contractor / supplier in case the tender is awarded to him.
Assist in securing contracts.
The beneficiary can claim under the Bid Bond in the event of bidder’s failure in accepting the tender, if awarded.
Bid Bonds are normally issued for 1% to 5% of the contract value.
Encourages contractors to make serious bid and up to their obligations.
Product information and terms & conditions are subject to change from time to time. Therefore, it is advisable to contact the Bank for the latest information and prevailing terms & conditions.