TENDER BOND

This is required in connection with the submission of tenders for contract jobs with Public Authorities or Private Principals where relevant. The main objective of this type of Bond is to guarantee that the Contractor who is awarded the contract will enter into the Contract at the terms that he has submitted to the Principals. If he is unable to take up the tender when offered, then the Bond will be liquidated and the Bank or Insurance Guarantee (whichever is in force) will have to indemnify the Principal for the damages sustained up to the amount of the Bond.

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