Question
What type of performance guarantee is given in case of
public tenders?Solution
A Bid bond guarantee is a type of financial bank guarantee that ensures that the winning bidder undertakes the contract as per the terms of their winning bid. This is used in public tenders to ensure that a bidder will follow through with a contract if they are chosen for a tender. If the bidder does not start work on the project of the tender, the project owner can use the bid bond to cover costs and losses.
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