BID BOND (TENDER BOND) BEST PRACTICE
We seek to get the best practice and to share your experience for the below aspects related to the Bid Bond:
- Amount of the Bid Bond (%)(For Turnkey projects also, for frame , unit rate scope )
- Time of verifying the Bid Bond, (With technical opening or with Commercial opening or when?)
- How do you think about fixing a certain exact amount of BB for each Project; regardless of the bidders offers value.
- Regarding the time of releasing the Bid Bonds for the winning bidders(After signing LOI/LOA/ Contract, after getting the Performance Bond, after expiry of the Contract, or When?)
- Best practice for BB validity(6 month, 1 year, or open renewable).