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Bid Bond

Contracts are awarded generally through the process of bidding. Usually, notice of tender is published in newspapers where the beneficiary ask every bidder either to deposit an earnest money, which is normally 2 to 10% of the bidding amount, or to present a bank guarantee of a reputed bank for the same amount. Beneficiary uses that guarantee as a security in case the bidder refuses to accept the contract. A bank guarantee designed to serve that purpose is a Bid Bond. Our Bid Bonds are widely accepted by national and international organizations.