Unsecured bid bonds in just one Hour

  • Tender bonds (also known as bid bonds) are undertakings by a bank in support of a contractor/supplier bidding for a work contract
  • Provides the beneficiary with a financial remedy if the applicant fails to fulfill any of the tender conditions
  • Normally submitted with other documents called for in the invitation to tender and remain valid during the period of the tender plus a grace period to allow the beneficiary to make a demand

Key elements

  • Used during bidding stage
  • Usually 2% to 5% of the value of the bid
  • Used to alleviate the cost of non-performance during the contract award stage
  • Duration of the tender usually ranges from 30 to 150 days

Special feature of Jijenge Credit Tender/Bid bonds

  • Unsecured up to Kshs 3 million
  • Can be issued within one hour after receipt of complete application.
  • Can be used at any of our Jijenge Credit Ltd branches countrywide
  • Affordable and competitive rates are levied

Application requirements

  • Guarantee application giving the following details
  • Applicants name
  • Beneficiaries name
  • Amount
  • Duration of the bid bond
  • Purpose of the bid bond
  • Copy of the tender document page showing the above details (if available)
  • Tender/ Bid bond format