Bid guarantee definition

Bid guarantee means the bid bond, cashier's check or certified check submitted as part of the bid proposal, payable to the contracting unit, ensuring that the successful bidder will enter into a contract.

Bid guarantee. ’ means a firm commit- ment such as a bid bond, certified check, or other negotiable instrument, accompanying a bid as assurance that the bidder will, if its bid is accepted, execute the required con- tractual documents within the time speci- fied.

Bid guarantee or “Bid Bond” means a form of security assuring that the bidder will not withdraw a Bid within the bid acceptance period and will execute a contract and furnish required bonds and insurance within the time specified in the bid.

Examples of Bid guarantee in a sentence

• Forfeiture of earnest Money/ Bid Guarantee: Earnest money/bid guarantee guarantee shall be forfeited incase of following: ⮚ If during the period of validity, the bidder withdraws/modifies its bid as a whole or in part.⮚ If the bidder deviates from any clarification/confirmation given by him sub-sequent to submission of his bid.In the case of successful bidder, if the bidder fails:⮚ To accept LOI/Order unconditionally and sign contract.⮚ To furnish contract performance bond as per enclosed profoma.

• Bid Guarantee (Earnest Money Deposit) in physical form should be placed and submitted in a separate sealed cover duly super-scribed “BID GUARANTEE FOR Empanelment of advertising agency “and submitted in the Administrative Office of the Punjab Engineering College (Deemed to be University), Chandigarh on the specified date.

• In case the Contract is to be signed beyond the stipulated time, the Bid Guarantee submitted with the Proposal will have to be extended accordingly.

• Until Supplier shall have issued the Performance and Warranty Guarantee as per the above, ISR will retain the Bid Guarantee and may consider the Bid Guarantee as the Performance and Warranty Guarantee (or part thereof) for any and all purposes.

• The tenderer(s) should submit their tender in three parts i.e. (i) Bid Guarantee (Earnest Money Deposit) (ii) Technical Bid (iii) Price Bid.

More Definitions of Bid guarantee

Bid guarantee means the bid bond, cashier's check or certified check submitted as part of the bid proposal, payable to the contracting unit, ensuring that the successful bidder will enter into a contract. "Bid specifications" means all documents requesting bid proposals for municipal solid waste collection services contained herein.

Bid guarantee means the security established in accordance with the IFMSB to secure inter alia, Project Company's obligations as set forth in this Agreement, during the period between the execution of this Agreement and Financial Close.

Bid guarantee means a form of security assuring that the bidder—

Bid guarantee means security provided by a Bidder to the Airport Authority with a Bid to guarantee that the Bidder will enter into a contract with the Airport Authority within the time specified in an RFB, based upon the substantive terms and conditions contained in the form of agreement or other terms and conditions included in, or referenced by, the RFB.

Bid guarantee means the Bid Bond or Cashier’s Check in the amount of

Bid guarantee means a properly executed form of bid bond, a bank certified check, or a cashier’s check, in an amount equal to 10% of the highest combination base bid or bids and alter- nate bids submitted.

Bid guarantee means a financial guarantee (a letter of credit, for example) submitted by auction participants in advance of a regularly scheduled quarterly allowance auction that guarantees payment for allowances won at auction.