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Bid Bond Format

This document is a form of bid security for a bidder participating in a construction project. It outlines the obligations of the issuing agency to pay a specified amount if the bidder breaches conditions related to their bid. The guarantee will expire upon certain conditions being met, such as the signing of a contract or the successful bidder providing performance security.

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200 views1 page

Bid Bond Format

This document is a form of bid security for a bidder participating in a construction project. It outlines the obligations of the issuing agency to pay a specified amount if the bidder breaches conditions related to their bid. The guarantee will expire upon certain conditions being met, such as the signing of a contract or the successful bidder providing performance security.

Uploaded by

slengineeringtransport
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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FORM OF BID SECURITY

………………………………………………………………………………………………
[insert issuing Agency’s Name and Address of issuing Branch or Office]

Beneficiary: General Manager, State Development & Construction Corporation,


No.07, Borupana Road,
Ratmalana.

Date……….

BID GUARANTEE NO: ……………………………….


We have been informed that …………………………………………….[insert (by issuing
agency) name of the bidder] (hereinafter called “the bidder”) has submitted to you its bid
dated ………[insert (by issuing agency) date] (hereinafter called “the bidder”) for the
execution of Removing of Temporary Steel Platform with Removing of Joints under
Invitation for Bids no SDCC/EES/31/2025 [insert IFB number] (“the IFB”)
Furthermore, we understand that, according to your conditions, Bids must be supported by a
Bid guarantee.
At the request of the bidder, we ……………………………… [insert name of issuing
agency] hereby irrevocably undertake to pay any sum or sums not exceeding in total an
amount of …………. (insert amount in figures) ……………………………….. [insert amount
in words], upon receipt by us of your first demand in writing accompanied by a written
statement stating that the Bidder is in breach of its obligation(s) under the bid conditions,
Because the Bidder:

(a) has withdrawn its Bid during the period of bid validity specified; or
(b) does not accept the correction of errors in accordance with the Instructions to Bidders
(hereinafter “the ITB”); or
(c) having been notified of the acceptance of its Bid by the Employer during the period
of bid validity,(i) fails or refuses to execute the Contract Form, if required, or (ii) fails
or refuses to furnish the performance security, in accordance with ITB.
This guarantee shall expire: (a) if the bidder is the successful bidder, upon our receipt of
copies of the Contract signed by the bidder and of the performance security issued to you
by the bidder; or (b) if the bidder is not successful bidder, upon the earlier of the
successful bidder furnishing the performance security, otherwise it will remain in force
up to ………………….. (insert date)

Consequently, any demand for payment under this Guarantee must be received by us at
the office on or before that date.

--------------------------------------------------------
[Signature(s) and name(s) of authorized representative(s)

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