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Bid Bond

Bid Bond Process

Bronze Wing Trading provides Bid Bond – Tender Guarantee on behalf of the tenderer and in favor of the tenderee. This acts as a vital document while submitting the tender. It helps the bidder to avail worthy contracts from the importers or project owners.

Follow the simple steps to obtain Tender Guarantee from rated banks:

  1. At first, the Seller / Contractor shall provide their requirement to BWT. They submit the tender documents of the subject products. Or a quote to complete the project within the set time limit.
  2. And then, we will assess their transaction to find out whether they met all our norms or not. If so, we will approve their request.
  3. Once approved, BWT will prepare a service agreement and send it to the client for their signature. As well, we will also update them about the service charges required to work on their transaction.
  4. After they sign the service agreement and pay the service charges, we will start work on their transaction. Also, we will structure the guarantee with our bank as per their needs.
  5. Then, we will send the Bid Bond draft copy to the client for their review. Also, we will ask them to pay the issuance fee and other related documents to proceed further.
  6. Further, once we receive the issuance fee, draft approval, and related documents, we will act promptly. We will instruct our bank to issue the required Bid Bond on behalf of the buyer via swift MT760.

Bid Bond

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    Looking For Bid Bond Guarantee?

    Send us your requirements To Avail Tender Bid / Bond Guarantee

    Looking For Bid Bond Guarantee?

    Send us your requirements To Avail Tender Bid / Bond Guarantee

    Bid Bond Guarantee

    Bid Bond – Tender Guarantee is issued by a bank on behalf of the contractor and in favor of the project owner. Further, this will provide an assurance that the winning bidder will undertake the contract, as per the signed contract.

    This bond plays a vital role when a bidder submits a tender for a large commodity contract or construction project. Whereas, the buyer / project owner demands this bond as security; against the risk of the successful bidder who may fail to enter into the contract as per tender terms.

    Nowadays, almost all project owners are demanding such bonds from bidders to secure themselves from defaults. By submitting a tender along with this bond, the contractor will qualify to enter into the bidding process. That’s why it is important to have such bonds in hand if you want to become more competitive in the construction industry.

    Also, when it comes to trading if you want to get awarded worthy deals by the buyers. Then you need to provide them a tender bid. This assures that if you win the tender, then you should comply with the contract terms without fail.

    Parties Involved in Tender Guarantee

    There are three parties involved here:-

    First, the contractor / seller who requests a tender bid from their bank

    Second, the developer / buyer, who demands a tender bid from a seller / contractor.

    Third, the issuing bank who issues the tender bank guarantee on behalf of the contractor / seller. And they are the ones who assure the developer / buyer, that the winning bidder will honor the bidding terms.

    Who Can Get Contract Guarantee Bond?

    Mostly, at first instance, project owners aren’t aware whether the bidder can complete the project or not, if its awarded. So, they demand this Contract Guarantee Bond from the bidders.  And this assures the winning bidder will complete the project as per the signed contract without any default.

    Tender Guarantee is mostly demanded by the project owners. They are the ones who require security against the risk of the successful bidder failing to enter into the contract. When a project owner decides to bid out, they will often exclude the bidders without Bank Guarantee. This is because the project owner is looking for the one whom they can trust. Also, they want to ensure that the bidder is fully capable to perform, in case, if the tender is awarded.

    So, the bidder who submits their tender along with Contract Guarantee will get qualified to enter into the tender process. To avail this bond, contact us today! We will help you by providing this guarantee on your behalf from rated banks.

    Bid Bond Cost

    The Bid Bond cost may vary based on the total contract value and also based on its tenure. It also includes admin fees, issuance fees, negotiation fees, etc. 

    Frequently Asked Questions on Bid Bonds

    Are Tender Bank Guarantees Mandatory?

    Yes! Tender Bank Guarantee assures the project owner that the successful bidder agrees to the bidding terms. And also, it ensures they will complete the job as per the terms without any default. Failure to submit a tender bond can result in rejection or loss of the bidding proposal.

    Can a Bid Bonds Expire?

    Just like all bonds, Bid Bonds will also have an expiration date. However, you will be happy to know that it can be renewed before 15 days of its expiry. For more info, contact us.

    Can I Get Bonds for a New Business?

    Yes! However, your credit must be acceptable. Kindly send us your trade details via emailWe can review and let you know the steps to proceed further.

    How Long Does It Take To Get a Guarantee Issued?

    Usually, we will conclude the deal within 48 working hours upon the submission of the required documents and charges.

    Avail Bid Bond Guarantee from Us! 

    Want to get worthy trade deals from importers? Want to get qualified to enter into the bidding contest? Secure a Bid Bond Guarantee on your company’s behalf before you submit the tender!

    We at Bronze Wing Trading L.L.C. provide Bid Bonds from rated banks without any cash margin!

    Avail Tender Bond / Bid Bond Guarantee from us to win the upcoming bidding contest! Apply now!

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