The Bid Bond Tender Guarantee is a crucial document in South African tender processes, particularly for high-value projects where the tender issuer requires security against potential losses. This guarantee is typically required when submitting bids for government contracts, large-scale construction projects, or significant procurement tenders. The document specifies the maximum guarantee amount (usually 5-10% of the bid value), validity period, and conditions for payment. It must comply with South African banking regulations, the Public Finance Management Act, and relevant procurement laws. The guarantee serves as a risk mitigation tool for tender issuers while demonstrating the bidder's financial capability and commitment to the tender process.
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1. Parties: Identifies the three key parties: the Guarantor (bank/insurance company), the Principal (bidder/tenderer), and the Beneficiary (tender issuer)
2. Background: Brief context about the tender, including tender reference number and project description
3. Definitions: Key terms used in the guarantee, including 'Tender', 'Guarantee Amount', 'Expiry Date'
4. Guarantee: The core guarantee statement specifying the maximum amount guaranteed
5. Conditions for Demand: Specific circumstances under which the guarantee can be called upon
6. Payment Terms: The process and timing for payment upon valid demand
7. Expiry and Release: Terms regarding the expiry of the guarantee and conditions for release
8. Assignment: Prohibition or conditions for assignment of the guarantee
9. Governing Law and Jurisdiction: Specification of South African law as governing law and jurisdiction for disputes
10. Notices: Communication requirements and contact details for all parties
1. Multiple Beneficiaries: Required when the tender is issued by multiple entities or government departments
2. Step-In Rights: Used when allowing other entities to step into the role of beneficiary under specific circumstances
3. Currency Provisions: Needed for international tenders or when the guarantee amount is in foreign currency
4. Electronic Presentation: Required when allowing for electronic submission of demands
5. Anti-Money Laundering Compliance: Added when specific compliance requirements need to be highlighted
6. Force Majeure: Optional clause dealing with extraordinary circumstances affecting the guarantee
7. Language: Required when the guarantee needs to be available in multiple languages
1. Schedule 1 - Form of Demand: Template for making a valid demand under the guarantee
2. Schedule 2 - Tender Details: Detailed description of the tender, including specifications and requirements
3. Schedule 3 - Authority Documents: Copies of authority documents proving signatories' powers
4. Appendix A - Original Tender Notice: Copy of the tender notice or invitation to bid
5. Appendix B - Supporting Documents: Any additional documents referenced in the guarantee
Relevant legal definitions
Clauses
Relevant Industries
Construction
Infrastructure Development
Mining
Energy
Telecommunications
Public Sector
Defense
Healthcare
Transportation
Utilities
Manufacturing
Information Technology
Relevant Teams
Legal
Procurement
Finance
Treasury
Risk Management
Commercial
Compliance
Business Development
Operations
Project Management
Relevant Roles
Procurement Manager
Tender Specialist
Contract Manager
Legal Counsel
Financial Manager
Project Manager
Bid Manager
Commercial Director
Risk Manager
Treasury Manager
Company Secretary
Chief Financial Officer
Operations Director
Compliance Officer
Business Development Manager
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