The Bid Bond Tender Guarantee is a crucial document in Pakistani tender processes, particularly for public procurement and large-scale private projects. It is required when companies participate in competitive bidding processes to demonstrate their serious intention and financial capability to undertake the project. The guarantee typically amounts to 1-5% of the bid value and remains valid throughout the tender evaluation period. This document, governed by Pakistani law, provides protection to tender authorities against non-serious bidders and ensures that winning bidders will proceed with the contract execution. The guarantee can be called upon if the bidder withdraws their bid during its validity period, fails to sign the contract, or doesn't provide required performance securities after winning the tender.
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1. Guarantee Reference Number and Date: Unique identifier for the guarantee and date of issuance
2. Parties: Identification of the Guarantor (Bank/Insurance Company), the Principal (Bidder), and the Beneficiary (Tender Authority)
3. Tender Details: Reference to the specific tender, including tender number, project name, and submission deadline
4. Guarantee Amount: The specific sum guaranteed, expressed in both figures and words
5. Validity Period: The duration for which the guarantee remains valid, including start and end dates
6. Guarantee Terms: Core terms of when and how the guarantee can be called upon
7. Payment Conditions: Specific conditions under which payment will be made upon demand
8. Claim Procedure: Process for making a claim under the guarantee
9. Expiry Provisions: Conditions for expiry and return of the guarantee
10. Governing Law and Jurisdiction: Specification of Pakistani law and relevant jurisdiction
1. Counter-Guarantee Provisions: Required when there's a foreign bank counter-guarantee involved
2. Language Declaration: Needed when the guarantee might be used internationally, declaring English as the controlling language
3. Multiple Beneficiary Provisions: Required when there are multiple beneficiary entities
4. Assignment Restrictions: Additional provisions restricting or permitting assignment of the guarantee
5. Force Majeure Clause: Optional clause dealing with extraordinary circumstances, particularly relevant for longer-term or high-value tenders
6. Electronic Presentation Clause: Required when electronic submission of claims or documents is permitted
1. Form of Demand: Prescribed format for making a claim under the guarantee
2. Tender Notice/Advertisement: Copy of the original tender notice referenced in the guarantee
3. Authority Signatures: List of authorized signatories and specimen signatures for the Guarantor
4. Special Instructions: Any specific requirements or formats prescribed by the tender authority
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