Bid bond: Difference between revisions
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imported>Doug Williamson (Expand for new Bid page.) |
imported>Doug Williamson (Add Tender guarantee. Source: BBA webpage https://www.bba.org.uk/customers/business-banking/financial-support/bonds-guarantees/) |
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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. | 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''. | |||
== See also == | == See also == | ||
* [[Advance payment bond]] | |||
* [[Bid]] | * [[Bid]] | ||
* [[Bond]] | |||
* [[Customs bond]] | |||
* [[Guarantee]] | * [[Guarantee]] | ||
* [[Performance bond]] | * [[Performance bond]] | ||
* [[Retention bond]] | * [[Retention bond]] | ||
* [[Surety bond]] | * [[Surety bond]] | ||
* [[Tender]] | |||
* [[Trade finance]] | |||
[[Category:Trade_finance]] | [[Category:Trade_finance]] | ||
Revision as of 09:33, 4 April 2021
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.
