Bid bonds in one Hour
- Tender 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 the 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
- The duration of the tender usually ranges from 30 to 150 days
Special feature of Bid Bonds one hour
- Unsecured up to Kshs 3 million
- Can be issued within one hour after receipt of a complete application.
- Can be used at any of our Jijenge Credit Ltd branches countrywide
- Affordable and competitive rates are levied
Requirements for Bid Bonds one hour
- 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