The Bid Bond Tender Guarantee is a fundamental document in Danish procurement processes, particularly for high-value or complex projects where the tender issuer needs security against non-performance by bidders. This guarantee, governed by Danish law and EU procurement regulations, provides financial protection to the tender issuer (beneficiary) against the risk of a bidder withdrawing their bid, failing to sign the contract if awarded, or not providing required performance security. The document typically specifies a guarantee amount of 1-5% of the bid value, validity period aligned with the tender timeline, and precise conditions for claim submission. It must comply with Danish financial regulations and the Danish Contracts Act (Aftaleloven), while also meeting EU procurement directive requirements.
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Key Requirements PROMPT example:
Bid Bond Tender Guarantee
I need a Bid Bond Tender Guarantee for a Danish construction project tender, with Danske Bank as guarantor for a 2% guarantee amount of DKK 500,000, valid until March 15, 2025, to be submitted to Copenhagen Municipality as beneficiary.
1. Parties: Identification of the Guarantor (bank/financial institution), the Principal (bidder), and the Beneficiary (tender issuer)
2. Background: Brief description of the tender process, reference to the tender number/identification, and the purpose of the guarantee
3. Definitions: Definition of key terms used in the guarantee, including 'Tender', 'Bid', 'Guarantee Amount', and other relevant terms
4. Guarantee: The core guarantee provision, specifying the maximum guarantee amount and the conditions under which it becomes payable
5. Duration: The validity period of the guarantee, including start date and expiry conditions
6. Demand Requirements: Specific requirements and format for making a valid demand under the guarantee
7. Payment Terms: Terms and conditions for payment, including payment period and method
8. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released
9. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes
1. Transfer and Assignment: Include when the guarantee needs to be transferable or when assignment rights need to be specifically addressed
2. Multiple Demands: Include when multiple partial demands may be permitted under the guarantee
3. Force Majeure: Include when specific force majeure provisions are required to be addressed
4. Language: Include when the guarantee may be issued in multiple languages or when language precedence needs to be established
5. Notices: Include when formal notice requirements need to be specified beyond the demand requirements
6. Anti-Money Laundering Compliance: Include when specific AML requirements need to be addressed, particularly for international tenders
1. Form of Demand: Template for making a valid demand under the guarantee
2. Tender Details: Summary of the relevant tender details including tender number, project description, and bid submission deadline
3. Authority Documentation: Copies of authority documents proving the signatories' powers to issue/sign the guarantee
Authors
Relevant legal definitions
Clauses
Relevant Industries
Construction
Infrastructure
Energy
Public Works
Transportation
Telecommunications
Defense
Healthcare Infrastructure
Utilities
Manufacturing
Technology
Environmental Services
Relevant Teams
Legal
Procurement
Finance
Treasury
Risk Management
Commercial
Compliance
Business Development
Project Management
Contract Administration
Relevant Roles
Procurement Manager
Tender Manager
Legal Counsel
Contract Manager
Project Manager
Chief Financial Officer
Risk Manager
Bid Manager
Commercial Director
Treasury Manager
Bank Relationship Manager
Compliance Officer
Corporate Finance Manager
Business Development Manager
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