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The Bid Security Bank Guarantee is a crucial document in Canadian tender processes, required when organizations participate in significant procurement or project bids. It provides financial security to project owners or tender issuers, ensuring that bidders maintain their commitment throughout the bidding process. This guarantee typically represents 1-5% of the bid value and becomes payable if the bidder withdraws their bid during its validity period, refuses to accept corrections of errors in their bid, or fails to sign the contract or provide performance security if awarded. The document must comply with Canadian banking regulations, particularly the Bank Act, and relevant provincial contract laws. The guarantee's format and content are typically standardized within the banking sector but may be modified to meet specific tender requirements or regulatory considerations in different provinces.

1. Bank Details and Reference Number: Bank's letterhead, branch details, and unique guarantee reference number

2. Date and Place: Date of issuance and location of the issuing bank

3. Beneficiary Details: Full name and address of the party receiving the guarantee (typically the project owner/tender issuer)

4. Project Reference: Details of the tender/bid including tender reference number and project description

5. Bidder Details: Full name and address of the bidder for whom the guarantee is being issued

6. Guarantee Amount: The specific amount of the bid security being guaranteed, in both figures and words

7. Guarantee Period: Validity period of the guarantee, including start and end dates

8. Terms of Guarantee: Core terms specifying when and how the guarantee becomes payable

9. Claim Process: Procedure for making a claim under the guarantee

10. Expiry Conditions: Conditions under which the guarantee expires or becomes invalid

11. Governing Law Statement: Reference to applicable Canadian law governing the guarantee

12. Authorization: Bank's authorized signatories section with official stamps