BID BOND (TENDER BOND) BEST PRACTICE
Bid Bond (Tender Bond) submission is one of the main requirements for most types of tenders, to assure the real interest of the bidders to participate on that bid.
W...
Bid Bond (Tender Bond) submission is one of the main requirements for most types of tenders, to assure the real interest of the bidders to participate on that bid.
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).