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BID BOND
Bid bond is issued on behalf of contractors in connection with the submission of tenders for contracts. This bond is also called tender bond.
When a Contractor desires to submit his tender for a particular contract either with the government authorities or private owner the principal/ employer usually deposit earnest money. By submission of insurance guarantee in lieu of earnest money the contractor is released from requirement of depositing the cash money. Hence the bid tender bond is considered to be a guarantee against the submission of tender.
DOCUMENTS/INFORMATION REQUIRED
- Proposal Form (copy attached), duly completed by the Insured.
- Request Letter
- Copy of Contract
- Copy of CNIC
- Bank Statement current six months
- Copy of Bond Specimen
- Undated Cheque duly signature verified by said bank (equal to value of Bond/Guarantee)
- Premium Cheque
- Copies of CNIC of Witnesses
- Company’s Profile
- Cash margin 10%
- Copy of Award Letter
- Copy of Company Balance Sheet
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