Tender Bond Clause Samples

A Tender Bond is a financial guarantee provided by a bidder to the project owner as part of a tendering process, ensuring that the bidder will honor their bid and sign the contract if awarded. Typically, this bond is issued by a bank or insurance company and is submitted along with the bid documents; if the bidder withdraws or fails to fulfill the contract terms after being selected, the bond amount may be forfeited to the owner. The core function of a Tender Bond is to protect the project owner from the risk of non-committed or unserious bidders, thereby promoting fair competition and reliability in the tendering process.
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Tender Bond. The Bidder must furnish, as part of his Tender, a Tender Bond in the value of not less than 1% of the Tender Value. If the Bidder submits an alternative Tender, the one percent shall be calculated based on the highest Tender Value. The wording of the Tender Bond shall be as per the prescribed Form of Tender Bond included within the Tender Document. See Annexure-12. The Tender Bond shall be denominated in Omani currency and shall be obtained from a bank located and registered in the Sultanate of Oman and valid for ninety (90) days from the latest date fixed for the submission of Tenders. Any Tender not accompanied by a Tender Bond will be rejected. The Tender Bond of unsuccessful Bidders will be returned on its expiration or after the award of the Contract to the successful Bidder. The Tender Bond will be forfeited: i) If a ▇▇▇▇▇▇ withdraws his Tender during the period of Tender validity specified in the Tender Documents; or ii) In the case of a successful Bidder, if the Bidder fails: a) to sign the Contract; and/or b) To furnish the Performance Bond.
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Tender Bond. The Tenderer shall deposit a Tender bond bearing stamps of appropriate value in the form of a guarantee from a Commercial bank operating in Mauritius, to the amount of MRs 500,000 (One hundred thousand MRU) valid for a period of one hundred and twenty (120) days from the date of submission of offer on or before the closing date of the tender. The amount shall be forfeited to Mauritius Telecom in the event the bidder withdraws his bid or part thereof, before expiry of its validity period including any extension agreed upon with the Tenderer and/or fails to enter into the contract, including the submission of a performance bond within ten (10) days after an award is made to him by Mauritius Telecom.  The security provided by unsuccessful Tenderers will not be repaid or discharged until the expiration of hundred and twenty (120) days from the day on which Tenders are to be received or until such earlier time as a Tender shall have been accepted and a performance bond shall have been duly provided by the Tenderer whose tender is accepted.  The security, provided by the tenderer whose tender is accepted, shall be repaid or discharged when the Performance Bond has been duly entered into and executed. A format of the Tender Bond is given in Chapter 10 Format Tender Bond.
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Related to Tender Bond

  • Tender Security 18.1 The Tenderer shall furnish as part of its Tender, either a Tender-Securing Declaration or a Tender Security, as specified in the TDS, in original form and, in the case of a Tender Security, in the amount and currency specified in the TDS. 18.2 A Tender Securing Declaration shall use the form included in Section IV, Tendering Forms. 18.3 If a Tender Security is specified pursuant to ITT 18.1, the Tender Security shall be a demand guarantee in any of the following forms at the Tenderer option: i) cash; ii) a bank guarantee; iii) a guarantee by an insurance company registered and licensed by the Insurance Regulatory Authority listed by the Authority; or

  • Redemption of Bonds The Issuer shall take the actions required by the Indenture to discharge the lien thereof through the redemption, or provision for payment or redemption, of all Bonds then outstanding, or to effect the redemption, or provision for payment or redemption, of less than all the Bonds then outstanding, upon receipt by the Issuer and the Trustee from the Company of a notice designating the principal amounts, series and maturities of the Bonds to be redeemed, or for the payment or redemption of which provision is to be made, and, in the case of redemption of Bonds, or provision therefor, specifying the date of redemption, which shall not be less than forty-five (45) days from the date such notice is given (or such shorter period as may be agreed to by the Trustee), and the applicable redemption provision of the Indenture. Unless otherwise stated therein or otherwise required by the Indenture, such notice shall be revocable by the Company at any time prior to the time at which the Bonds to be redeemed, or for the payment or redemption of which provision is to be made, are first deemed to be paid in accordance with Article IX of the Indenture. The Company shall furnish, as a prepayment of the Loan Payments, any moneys or Government Securities (as defined in the Indenture) required by the Indenture to be deposited with the Trustee or otherwise paid by the Issuer in connection with any of the foregoing purposes.

  • Payment Bond PURCHASER shall furnish an acceptable payment bond or blanket payment bond to STATE as guarantee for payment for timber. Payment bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. The bonds shall be in an amount at least equal to the value of timber estimated to be removed during a one-month plus 15-day billing period as determined by STATE. In any event, the amount shall not be less than one installment payment as specified in Section 42. Under a payment bond, PURCHASER may remove timber for a 30-day period, after which time, payment becomes due and owing. PURCHASER shall make cash payment within 15 days following the end of the monthly period. Upon payment for timber removed in the monthly period, the payment guarantee may be applied as a guarantee for a subsequent period. A blanket payment bond shall be in an amount at least equal to the value of the timber estimated to be removed from all contracts covered by the blanket payment bond during a one-month plus 15-day billing period as determined by STATE. PURCHASER shall obtain and furnish STATE with a written consent of surety on forms provided by STATE for coverage of any contracts to which the blanket payment bond may apply. In no event shall PURCHASER remove timber with a value greater than the amount of the payment guarantee.

  • Replacement Notes If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. Every replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder.

  • Performance Bond and Payment Bond The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.