Bid bond: Difference between revisions
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imported>Doug Williamson (Added trade finance header and reworded to state this is a trade finance bond to bring in line with Performance bond) |
imported>Doug Williamson (Give fuller example and simplify wording.) |
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''Trade finance.'' | ''Trade finance.'' | ||
A trade finance bond issued by a bank or insurance company to | 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. | |||
Revision as of 16:00, 21 March 2015
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.
