A Bid Bond Tender Guarantee is a crucial document in Singapore's tendering process, particularly for high-value projects where the tender issuer requires security against bidder default. This guarantee, typically issued by banks or financial institutions, ensures that bidders remain committed to their bids and will proceed with the contract if successful. The document specifies the guaranteed amount (usually 2-5% of the bid value), validity period, and conditions for calling upon the guarantee. Under Singapore law, these guarantees are autonomous instruments, meaning they can be called upon independent of the underlying tender relationship.
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Key Requirements PROMPT example:
Bid Bond Tender Guarantee
"Need a Bid Bond Tender Guarantee for a Singapore construction project valued at SGD 5 million, where the guarantee amount should be 2% of the bid value and valid until March 15, 2025, with DBS Bank as the guarantor."
1. Parties: Details of the guarantor (bank/financial institution), principal (bidder), and beneficiary
2. Background: Context of the tender and reason for the guarantee
3. Definitions: Key terms used in the guarantee
4. Guarantee Amount: Specific sum being guaranteed
5. Duration and Validity: Period of effectiveness and expiry conditions
6. Demand Requirements: Conditions and process for making claims
7. Governing Law: Specification of Singapore law as governing law
1. Assignment Clause: Used when transfer of rights needs to be permitted - includes conditions and procedures for assignment
2. Counter-Indemnity: Principal's obligation to indemnify guarantor - typically included when required by guarantor's internal policy
3. Extension Provisions: Mechanisms for extending validity of the guarantee - included when tender process might be extended
1. Form of Demand: Template for making claims under the guarantee
2. Tender Details: Specific details of the tender being guaranteed including project specifications
3. Authentication Procedures: Procedures for verifying authenticity of demands and communications
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