A Contractor reached out to us to avail Letter of Guarantee to submit a tender for a new office building project. Bronze Wing Trading, the Bank Guarantee providers in Dubai assisted the contractor to avail the required bond on their behalf from a European Bank account. Finally, this helped the client to sign the worthy building contract; without blocking their cash funds.
A project owner in Dubai floated a tender for contractors to quote their prices; to construct a high storey building. One of our Client who is a leading contractor in Dubai; decided to submit their quote for the building project. Since, they have completed many buildings earlier; they were quite fit for the said project.
As per the market practice, the project owner demand a Bid Bond or Tender Guarantee to accompany with their project bid. Since, the project seems to be the worthy one; the contractor didn’t want to miss the chance. Hence, they searched for the ways to avail Bid Bond on their behalf.
Moreover, despite of their skills to complete the project; the contractor required a guarantee letter as a bond to submit their quote for the declared tender. So, they contacted their bank with the bond request. But such bonds require certain percent of the bond value as deposit in the bank. Since their capital were tied up with other projects. So, they didn’t have enough cash funds; to cover their bank demand.
Further, they were left with no idea on what to do next. While explaining the requirement to their business advisor in Dubai; they advised that Bronze Wing Trading, the Bank Instruments Providers in Dubai; can help them to get the required bond from a world repute EU Banks.
After doing some research on Google; the client contacted us with their Bid Bond request. Since we have years of exp. in helping many contractors with their bond needs; we knew that we could help the client to win the contest by providing the required guarantee. We did a detailed study on the client’s contract and approved their request to issue the MT760.
Firstly, we explained our process to the client. The client was fully satisfied; and signed the service agreement with us. Also, they paid the service charges to start the work on their request. And then, we blocked our bank limit to structure the bid bond. Also, we sent the MT760 draft for their review. And then, they approved the draft. Further, we provided Bid Bond from our European bank in favor of the project owner.
The Client submitted the quote; and honor the terms of the bid with the issued Bid Bond. Since the quote they quoted was very realistic; they won the contest; and secured the new building project. Further, they satisfied with our timely services; and conveyed their gratitude towards us; by writing a positive review in our reviews page. Also, they assured that they will come to us for their BG MT760 needs in the future.
This is how we helped our client to secure the worthy building contract with the required Letter of Guarantee from our rated bank account.