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Bid Bond Bank Guarantee
"I need a Bid Bond Bank Guarantee for a Singapore government construction tender worth SGD 5 million, with the guarantee amount being 2% of the tender value and validity until March 15, 2025."
1. Bank Details: Full legal name and details of the issuing bank, including registration number and registered address
2. Beneficiary Details: Complete details of the party receiving the guarantee (typically the project owner)
3. Principal Details: Complete details of the bidder/contractor for whom the guarantee is issued
4. Guarantee Amount: Specific amount of the guarantee and currency, stated both in numbers and words
5. Tender/Project Reference: Details of the tender or project the bid bond relates to, including tender reference number
6. Validity Period: Start and end dates of the guarantee, including any automatic extension provisions
7. Demand Conditions: Terms and conditions under which the guarantee can be called, including demand procedure
1. Counter-Guarantee Provisions: Terms and conditions related to counter-guarantees from other banks, used for international projects or when required by beneficiary
2. Assignment Clause: Provisions regarding transfer of guarantee rights and any restrictions on assignment
3. Electronic Presentation: Terms and procedures for electronic submission of demands and related communications
1. Form of Demand: Standard template for making a claim under the guarantee, including required declarations and supporting documents
2. Tender Documents Reference: Reference to key details from the tender documents that the bid bond relates to
3. Authentication Procedures: Detailed procedures for verifying authenticity of demands and communications under the guarantee
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