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Corporate Banking

Letter of Guarantee for Bidding

Introduction

It refers to the written document which our bank issues at the request of the tenderer to ensure that the bidder will neither cancel nor change its bid within the effective period of the tender and will sign a contract or submit a performance bond within the specified time after winning the bid in relation to the project construction and material procurement and other projects by winning a bid.


Scope of application

It's applicable to all the cases in which the owner asks bidders to pay bid bonds for public tenders and bid negotiations.


Features

1. For the tenderer: To avoid changes and cancellation of the bid by bidders in the bid evaluation process, or the refusal to sign a contract after winning the bid, which causes losses to the tenderer, the tenderer usually requires bidders to pay bid bonds, for the purpose of restricting the behavior of the opposite party. The letter of guarantee for bidding is a good alternative for cash deposits.Convenience provided for customers

2. For the bidder: To reduce the occupation of funds arising from the payment of cash deposits, and obtain capital gains;To obtain optimized allocation of limited funds as compared with the payment of cash deposits;


(Note: For details, please call 961 111 or come to the nearby GRCB outlet.)

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