Bid Bond

Summary

Bid Bonds are required in connection with the submission of tenders for contracts with private/public owner. The subject is to guarantee that the bidder (Contractor), if awarded the contract, will enter into the contract and furnish the Prescribed Performance Bond. If the contractor is afterwards unable to enter into the contract and to furnish the required Performance Bond, the insurance company is liable to pay the bond amount to the owner.

  • Risk Covered
    • Tenders for contracts

  • Key Points
    • Bid Bonds at the time of Tendering – 2% of bid price No alternation in the bid

  • Information Required
    • Profile of the Company
    • List of contracts completed in 5 years
    • Certificate of Engineering Council
    • Bank statements, Balance sheets
    • Nature/ Location of Project

Bid Bond

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