The Bid Bond Tender Guarantee is a crucial document in Canadian procurement processes, particularly for construction, infrastructure, and major government projects. It is required when organizations want to ensure that only serious bidders participate in their tender processes and need protection against potential financial losses from bid withdrawal or failure to proceed with the contract. The document typically includes details of all parties involved, the project specifications, the guaranteed amount (usually 5-10% of the bid value), and the conditions under which the guarantee can be called upon. This type of guarantee is regulated by federal and provincial legislation, including the Financial Administration Act and various provincial construction acts. The Bid Bond Tender Guarantee must comply with specific legal requirements regarding form, content, and execution to be enforceable under Canadian law.
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1. Parties: Identifies the Principal (Bidder), Surety (typically an insurance/bonding company), and Obligee (project owner)
2. Background: Brief context about the tender/bid process and the project for which the bid bond is being issued
3. Definitions: Key terms used in the bond including 'Tender', 'Bid Amount', 'Bond Amount', 'Project', etc.
4. Bond Amount: Specifies the penal sum or amount of the guarantee, typically expressed as a percentage of the bid amount
5. Tender Details: Information about the specific tender/bid including tender number, project name, and submission deadline
6. Condition of Obligation: States the primary conditions under which the bond becomes payable
7. Terms of Guarantee: Details the specific circumstances that trigger the bond and the surety's obligations
8. Duration and Validity: Specifies the period during which the bond remains valid and any conditions for extension
9. Claims Process: Outlines the procedure for making a claim under the bond
10. Governing Law and Jurisdiction: Specifies that Canadian law governs the bond and identifies jurisdiction for disputes
11. Execution: Space for signatures, seals, and witnessing requirements
1. Multiple Obligees: Required when there are multiple parties who may claim under the bond
2. Electronic Bidding Provisions: Required for tenders submitted through electronic platforms
3. Currency Provisions: Required when the bid involves multiple currencies or international parties
4. Counter Indemnity: Optional section where the principal agrees to indemnify the surety
5. Assignment Provisions: Required when assignment of the bond needs to be addressed
6. Alternative Dispute Resolution: Optional section specifying mediation or arbitration procedures
7. Joint Venture Provisions: Required when the principal is a joint venture or consortium
1. Schedule A - Tender Details: Detailed specification of the tender including full project description, tender number, and submission requirements
2. Schedule B - Form of Notice: Prescribed format for notices of claim or other formal communications under the bond
3. Appendix 1 - Special Conditions: Any special conditions or requirements specific to the project or tender
4. Appendix 2 - Corporate Authorizations: Required corporate resolutions or authorizations (if applicable)
Relevant legal definitions
Clauses
Relevant Industries
Construction
Infrastructure
Government & Public Sector
Real Estate Development
Energy & Resources
Manufacturing
Transportation
Telecommunications
Defense
Healthcare Infrastructure
Education Infrastructure
Financial Services
Insurance
Relevant Teams
Legal
Procurement
Commercial
Risk Management
Finance
Operations
Compliance
Business Development
Project Management
Estimating
Bid Management
Relevant Roles
Procurement Manager
Contract Administrator
Project Manager
Bid Manager
Commercial Director
Risk Manager
Legal Counsel
Chief Financial Officer
Construction Manager
Estimating Manager
Surety Underwriter
Business Development Manager
Tender Coordinator
Compliance Officer
Operations Director
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