Scribd
Upload
106 views1 page

Annexure A - Part C Form of Bid Security (Bank Guarantee)

This document is a form for a bid security bank guarantee. It establishes that a bank guarantee has been submitted by [name of Bidder] for their bid on [name of Contract]. The bank guarantee is bound to the Owner in the sum of [amount], as security that the Bidder will not withdraw their bid during the validity period, and will sign the contract and provide the required performance security if notified of acceptance. The bank guarantee will remain in force for 45 days after the bid validity period and may be extended, with any demands on the guarantee to reach the bank by that date. The guarantee is subject to the Uniform Rules for Demand Guarantees from 2010.

Uploaded by

Prasenjit Dey
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
106 views1 page

Annexure A - Part C Form of Bid Security (Bank Guarantee)

This document is a form for a bid security bank guarantee. It establishes that a bank guarantee has been submitted by [name of Bidder] for their bid on [name of Contract]. The bank guarantee is bound to the Owner in the sum of [amount], as security that the Bidder will not withdraw their bid during the validity period, and will sign the contract and provide the required performance security if notified of acceptance. The bank guarantee will remain in force for 45 days after the bid validity period and may be extended, with any demands on the guarantee to reach the bank by that date. The guarantee is subject to the Uniform Rules for Demand Guarantees from 2010.

Uploaded by

Prasenjit Dey
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

Annexure A – Part c

FORM OF BID SECURITY (BANK GUARANTEE)


WHEREAS, ...........................(name of Bidder including names of all Joint Venture
Participants) (hereinafter called ―the Bidder‖) has submitted its Bid (hereinafter called
the ―Bid‖) dated (date) for the performance of (name of Contract).

KNOW ALL PEOPLE by these presents that We .................... (name of Bank) of


.................... (name of country) having our registered office at .................... (hereinafter
called ―the Bank‖) are bound unto .................... (hereinafter called ―the Owner‖) in the
sum of ....................for which payment well and truly to be made to the said Owner, the
Bank binds itself, its successors, and assigns by these presents.
[The Bidder should insert the amount of the guarantee in words and in figures. This
figure should be the same amount as set out in ITB Section 3.4(a) and the Bid Data
Sheet. The details related to the Bid Security are set out in the same ITB Section 3.4.]
The CONDITIONS of this obligation are:
a. if the Bidder withdraws its Bid during the Bid Validity Period; or
b. if the Bidder, having been notified of the acceptance of its Bid by the Owner
during the period of Bid validity,
1. fails to sign the Form of Contract in accordance with and when required by
ITB Section 6.4; or
2. fails to provide the performance security to the Owner in accordance with and
when required by ITB Section 6.5.
We undertake to pay to the Owner up to the above amount upon receipt of its first
written demand, without the Owner having to substantiate its demand, provided that in
its demand the Owner will note that the amount claimed by it is due to it owing to the
occurrence of one or more of the conditions set out above, specifying the occurred
condition or conditions.
This Guarantee will remain in full force up to and including 45 days after the expiry of
the Bid Validity Period and it may be extended by the Owner in accordance with the
Bidding Documents, notice of which extension(s) to the Bank is hereby waived. Any
demand in respect of this Guarantee should reach the Bank not later than the above
date or the extended date.
This guarantee is subject to the Uniform Rules for Demand Guarantees (URDG) 2010
Revision, ICC Publication No. 758except that the supporting statement under Article
15(a) is hereby excluded.

Page 67 of 490

You might also like