The Bank Guarantee For Tender is a crucial document required in tender participation processes across Pakistan. It provides financial security to tender issuing authorities, ensuring that bidders maintain their commitments and proceed with the contract if successful. This guarantee, regulated under Pakistani banking and contract laws, typically amounts to 1-5% of the tender value and remains valid throughout the tender evaluation period. The document specifies the guarantee amount, validity period, conditions for invocation, and the bank's unconditional obligation to pay upon valid demand. It's commonly used in government procurement, construction projects, and large commercial contracts where the tender issuing authority needs protection against non-serious bidders or potential default by successful bidders.
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1. Bank Details: Information about the issuing bank including name, branch, and address
2. Beneficiary Details: Complete details of the party in whose favor the guarantee is being issued (typically the tender issuing authority)
3. Applicant Details: Information about the party requesting the bank guarantee (the tender participant)
4. Guarantee Amount: The specific amount of the guarantee in both figures and words
5. Tender Reference: Details of the tender including tender number, project name, and submission deadline
6. Guarantee Terms: Core terms including validity period, conditions for invocation, and bank's undertaking to pay
7. Payment Conditions: Specific conditions under which the bank will make payment upon demand
8. Expiry Provisions: Terms regarding the expiry of the guarantee and return of the original document
9. Governing Law: Specification that the guarantee is governed by Pakistani law
1. Extension Clause: Optional clause regarding the possibility of extending the guarantee validity period, included when the tender process might require extensions
2. Claim Period: Additional specification of the period within which claims must be made after expiry, included for higher-value guarantees
3. Counter Guarantee: Required when the guarantee is issued through a correspondent bank, particularly for international tenders
4. Assignment Restriction: Clause prohibiting assignment or transfer of the guarantee, included for higher-value guarantees
5. Dispute Resolution: Specific dispute resolution mechanisms, included for complex or high-value tenders
1. Tender Details Schedule: Detailed information about the tender including specifications and requirements
2. Bank's Standard Terms: Standard terms and conditions of the issuing bank applicable to all guarantees
3. Authorization Documents: Copies of board resolutions or powers of attorney authorizing the bank guarantee
4. Specimen Signatures: Verified signatures of authorized bank officials
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Construction & Infrastructure
Government & Public Sector
Energy & Utilities
Telecommunications
Defense
Healthcare
Transportation & Logistics
Mining & Resources
Manufacturing
Real Estate Development
Information Technology
Relevant Teams
Legal
Procurement
Finance
Treasury
Risk Management
Compliance
Business Development
Commercial Operations
Project Management
Bid Management
Relevant Roles
Procurement Manager
Tender Manager
Bank Branch Manager
Credit Officer
Legal Counsel
Contract Administrator
Project Manager
Bid Manager
Financial Controller
Treasury Manager
Risk Manager
Compliance Officer
Business Development Manager
Commercial Director
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