These are bonds for Pre-qualification and bidding for development projects issued to bidders/tenderers/service providers where the cost of new tendering has to be incurred should the highes bidder fail to take up the offer.   The bond is prescribed in a specific format and executed by the guarantor upon the bidder satisfying the requirements and paying the premium by cash/banker's cheque

PARTIES TO THE BOND

PROCURING ENTITY

BIDDER

GUARANTOR

REQUIREMENTS

Certificate of company registration

Memorandum and Articles of Association

VAT Certificate

PIN of the company and directors

ID/Passports of directors/partners

Company audited accounts for two years

Company Profile

Valid Trading Licence

payment of premium should be by cash/banker's cheque only