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 Required.
• 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.