The Bid Security Bank Guarantee is a crucial document in the UAE tendering process, required by tender issuers to ensure serious participation from bidders and protect against frivolous bids. This guarantee, regulated under UAE banking and commercial laws, is typically required to be submitted alongside the technical and commercial proposals in a tender submission. The document must be issued by a UAE-licensed bank and should clearly specify the guarantee amount, validity period, and conditions for calling upon the guarantee. The Bid Security Bank Guarantee represents an unconditional and irrevocable commitment from the bank to pay the specified amount upon first demand if the bidder fails to honor their bid commitments. The format and content must comply with local requirements, including proper authentication and specific language requirements as per UAE practice.
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1. Bank Details and Reference Number: Bank's letterhead, branch details, and unique guarantee reference number
2. Beneficiary Details: Full name and address of the party receiving the guarantee (typically the tender issuer)
3. Principal Details: Full name and address of the bidder for whom the guarantee is issued
4. Tender Reference: Details of the tender/bid including tender number, project name, and date
5. Guarantee Amount: The amount of the guarantee in both figures and words, including currency
6. Bank's Undertaking: The core guarantee commitment from the bank, including conditions for payment
7. Validity Period: Clear start and end dates of the guarantee, including any automatic extension clauses
8. Claim Procedure: Process and requirements for making a claim under the guarantee
9. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant jurisdiction
10. Authentication: Bank's authorized signatures, stamps, and any required authentication marks
1. Multiple Beneficiaries Clause: Required when there are multiple parties entitled to claim under the guarantee
2. Language Declaration: Required when the guarantee is issued in multiple languages, specifying which version prevails
3. Assignment Restriction: Include when transfer or assignment of the guarantee needs to be specifically prohibited
4. Force Majeure Clause: Optional clause addressing extraordinary circumstances that might affect the guarantee
5. Electronic Presentation Clause: Required when electronic submission of claims is permitted
6. Counter-Guarantee Reference: Required when the guarantee is issued based on a counter-guarantee from another bank
1. Specimen Claim Format: Standard format for submitting claims under the guarantee
2. Authentication Documents: Copies of authorized signatures and authentication methods accepted by the bank
3. Tender Details: If extensive, detailed description of the tender/project can be included as an appendix
Relevant legal definitions
Clauses
Relevant Industries
Construction
Infrastructure Development
Oil and Gas
Healthcare
Education
Transportation
Real Estate Development
Manufacturing
Technology and Telecommunications
Government Services
Defense
Utilities
Environmental Services
Relevant Teams
Legal
Finance
Treasury
Procurement
Commercial
Business Development
Risk Management
Operations
Project Management
Bid Management
Relevant Roles
Tender Manager
Bid Manager
Project Director
Commercial Manager
Legal Counsel
Bank Relationship Manager
Treasury Manager
Procurement Manager
Contract Administrator
Chief Financial Officer
Risk Manager
Company Secretary
Business Development Manager
Operations Director
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