TENDER GUARANTEE Clause Samples
A Tender Guarantee clause requires bidders in a procurement process to provide a financial guarantee, often in the form of a bank guarantee or bond, as part of their tender submission. This guarantee serves as security that the bidder will not withdraw or modify their bid during the tender period and, if awarded the contract, will enter into the agreement as promised. By implementing this clause, the contracting party protects itself against the risk of non-serious bids or bidders backing out, thereby ensuring the integrity and reliability of the tendering process.
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TENDER GUARANTEE. (Bid Bond)
8.1 No tender guarantee (bid bond) is required.
TENDER GUARANTEE. All Tenders shall be accompanied by a certified cheque, drawn and made payable to The Municipality of North Middlesex certified cheque must be enclosed in the same envelope as the Tender. The amount of the certified cheque shall be in the amount of 10% of the total tender. All such certified cheques will be returned to the respective bidders within 7 days after tenders are opened, except those which the owners elect to hold until the successful bidder has executed the Contract. The successful bidder's cheque will be returned upon substantial completion as certified by the owners.
TENDER GUARANTEE. (Bid bond)
(a) The tender guarantee amount shall be in accordance with The Local Council’s Tendering Procedures P3.
TENDER GUARANTEE. The Tenderer shall furnish, as part of its tender, tender guarantee equal to EUR 2.000,00 (cumulative of the JV partners). The tender guarantee shall be a bank guarantee issued by a bank satisfactory to the UNDP Croatia in the form provided in the Tender Documents and valid for 30 days beyond the validity of the tender. The Tender Guarantee of the successful Tenderer must be maintained for a further 30 days from the date of notification of award. It will be released when the successful Tenderer has signed the Contract and provided the requisite Performance Guarantee. The successful Tenderer's tender guarantee will be discharged upon the Tenderer's signing the Contract, and furnishing a performance bank guarantee. Unsuccessful Tenderer's tender guarantee will be returned as promptly as possible, but not later than 30 days after the expiration of the period of tender validity. The tender guarantee may be forfeited:
TENDER GUARANTEE. Tenderers must provide a tender guarantee of: EUR 30,000 when submitting their tender. This guarantee will be released to unsuccessful tenderers once the tender procedure has been completed and to the successful tenderer[s] upon signature of the contract by all parties.