Bid Bond – Tender Bond Guarantee – How to Apply

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Information about Bid Bond – Tender Bond Guarantee – How to Apply

Published on November 26, 2019

Author: ILCredit


slide 1: Submit Your Requirement to us: or Call 00971-4-5519699 or Visit Avail Bid Bond/Tender Bond Guarantee from Rated Banks and Get Pre-Qualified to Enter Into the Bidding Contest What is a Bid Bond A Bid Bond Guarantee is a written undertaking issued by a bank on behalf of its client upon their request. It is a guarantee given by a contractor in favor of project owner or developer. The purpose of the Bid Bond is to provide a guarantee or assurance to the project owner that the bidder will complete the work if the bid is awarded. Bid Bond Guarantee also assures the project owner that the bidder has the financial resources to accept the job for the bid quoted. Reasons to Avail Bid Bond Help contractors to get pre-qualified to enter into the bidding contest. Give assurance to project owners that the bidders can comply with the bidding contract complete the project at the quoted price. Prove that the bidder has the financial means to undertake the project if awarded. Ensure the project owner that in case if the contractor fails to honor the terms of the bid the owner will be compensated. How to Avail Bid Bond/Tender Bond Guarantee Availing Bid Bond Guarantee is utmost important if you want to become competitive in the construction industry. To provide Bid Bond guarantee on behalf of your company traditional banking sources may demand cash margin or tangible financial collateral from your end. “ ” Steps to Apply Bid Bond Guarantee The seller or contractor submits their requirement to us by providing their tender documents or signed contract. BWT will perform a detailed study on their request let them know whether their request is approved or not. If approved we will ask them to sign a service agreement to pay the admin charges to proceed further. After signing the service agreement the receipt of admin charges we will start working on their transaction. We will send the required Bid Bond draft to the client for their approval. Also we will inform them to provide the related documents to pay the Bid Bond issuance fee charges. Once the client paid the issuance fee provided the documents we will instantly request our bank to issue the Bid Bond Guarantee to the buyer’s/developer’s bank within 48 working hours. Avail Bid Bond Guarantee Now Get Pre-Qualified to Enter into the Bidding Contest Apply now

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