Document background
The Bid Bond Tender Guarantee is a crucial document in Dutch tender processes, required whenever a company participates in significant procurement procedures. It provides financial security to tender issuers, typically ranging from 1% to 5% of the bid value. This guarantee, regulated under Dutch law including the Burgerlijk Wetboek and Aanbestedingswet 2012, becomes relevant when participating in both public and private tenders in the Netherlands. The document specifies the guarantee amount, validity period, conditions for calling the guarantee, and payment terms. It's particularly important in high-value tenders where the tender issuer needs assurance of the bidder's commitment and financial capacity. The guarantee typically remains valid from the tender submission date until shortly after the contract award or the expiry of the bid validity period.
