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:
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.
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.
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.
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.
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 email. We 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.
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!
The Website Content is DMCA Protected.