At the time of tender submission, a guarantee, either from the bank or the insurance company, is required by the project owner from the contractor so Bid / Tender bond is issued to meet this requirement.
Providing guarantee against contractor’s failure to enter into the agreement:
It provides guarantee to the project owner if the contractor is unable to accept the task, enter into the agreement with and furnish the performance bond to the project owner after the award of bid to the contractor
The above is the basic list of requirements and we may ask further information if required.
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