Bid bond: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Add Tender guarantee. Source: BBA webpage https://www.bba.org.uk/customers/business-banking/financial-support/bonds-guarantees/) |
imported>Doug Williamson (Add link.) |
||
| Line 16: | Line 16: | ||
* [[Guarantee]] | * [[Guarantee]] | ||
* [[Performance bond]] | * [[Performance bond]] | ||
* [[Performance guarantee]] | |||
* [[Retention bond]] | * [[Retention bond]] | ||
* [[Surety bond]] | * [[Surety bond]] | ||
Latest revision as of 19:24, 4 March 2023
Trade finance.
A trade finance bond issued as part of a contract tendering (bidding) process.
The bid bond is issued by a bank or insurance company to the potential customer, to protect the customer against a contractor's failure to sign a contract in accordance with the terms of the tender.
Also known as a tender guarantee.
