Scribd
Upload
816 views

Bank Guarantee For Tender Security

This document is a format for a tender security guarantee issued by a bank. [1] It informs the procuring entity that the tenderer intends to submit a tender for specified works and requires tender security. [2] The bank irrevocably undertakes to pay the procuring entity up to a specified amount if the tenderer withdraws its tender improperly or fails to sign the contract among other reasons. [3] The guarantee expires either upon receipt of a copy of the signed contract or performance security, or twenty-eight days after the tender validity expiration date.

Uploaded by

MSEB JV
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
816 views

Bank Guarantee For Tender Security

This document is a format for a tender security guarantee issued by a bank. [1] It informs the procuring entity that the tenderer intends to submit a tender for specified works and requires tender security. [2] The bank irrevocably undertakes to pay the procuring entity up to a specified amount if the tenderer withdraws its tender improperly or fails to sign the contract among other reasons. [3] The guarantee expires either upon receipt of a copy of the signed contract or performance security, or twenty-eight days after the tender validity expiration date.

Uploaded by

MSEB JV
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

Bank Guarantee for Tender Security (Form e-PW3-5)

[This is the format for the Tender Security to be issued by a scheduled Bank of Bangladesh
in accordance with ITT Clause 35 ]

Invitation for Tender No: Date:

Tender Package No:

To:

[Name and address of the Procuring Entity]

TENDER GUARANTEE No:

We have been informed that [name of Tenderer] (hereinafter called “the Tenderer”) intends
to submit to you its Tender dated [date of Tender] (hereinafter called “the Tender”) for the
execution of the Works of [description of works] under the above Invitation for Tenders
(hereinafter called “the IFT”).

Furthermore, we understand that, according to your conditions, the Tender must be


supported by a Bank Guarantee for Tender Security.

At the request of the Tenderer, we [name of bank] hereby irrevocably undertake to pay you,
without cavil or argument, any sum or sums not exceeding in total an amount of Tk [insert
amount in figures and words] upon receipt by us of your first written demand accompanied
by a written statement that the Tenderer is in breach of its obligation(s) under the Tender
conditions, because the Tenderer:
a. has withdrawn its Tender after opening of Tenders but within the validity of
the Tender Security; or
b. refused to accept the Notification of Award (NOA) within the period as stated
under ITT; or
c. failed to furnish Performance Security within the period stipulated in the NOA;
or
d. refused to sign the Contract Agreement by the time specified in the NOA; or
e. did not accept the correction of the Tender price following the correction of
the arithmetic errors as stated under ITT.

This guarantee will expire

(a) if the Tenderer is the successful Tenderer, upon our receipt of a copy of the
Contract Agreement signed by the Tenderer or a copy of the Performance
Security issued to you in accordance with the ITT; or
(b) if the Tenderer is not the successful Tenderer, twenty eight (28) days after the
expiration of the Tenderer’s Tender validity period, being [date of expiration of
the Tender validity plus twenty eight (28) days ].

Consequently, we must receive at the above-mentioned office any demand for payment
under this guarantee on or before that date.

Signature Signature

You might also like