Question
What type of performance guarantee is given in case of
public tenders?ÂSolution
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.
More Financial Management Questions
- Select the number from among the given options that can replace the question mark (?) in the following series.
17, 18, 22, 31, 47, ___ - Which letter-cluster will replace the question mark (?) in the following series?
RGV, UME, ?, AYW, DEF - A series is given with one term missing. Choose the correct alternatives from the given ones that will complete the series.
57, 59, 56, 61, 54, ___ - Which letter-cluster will replace the question mark (?) in the following series?
NPQR, OORQ, PNSP, ____, RLUN - Which letter and number cluster will replace the question mark (?) to complete the given series?
LT6, KU12, IW24, FZ48, ____
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