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Bid Bond Tender Guarantee

Bid Bond Tender Guarantee Template for Denmark

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Bid Bond Tender Guarantee

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Document background
The Bid Bond Tender Guarantee is a fundamental document in Danish procurement processes, particularly for high-value or complex projects where the tender issuer needs security against non-performance by bidders. This guarantee, governed by Danish law and EU procurement regulations, provides financial protection to the tender issuer (beneficiary) against the risk of a bidder withdrawing their bid, failing to sign the contract if awarded, or not providing required performance security. The document typically specifies a guarantee amount of 1-5% of the bid value, validity period aligned with the tender timeline, and precise conditions for claim submission. It must comply with Danish financial regulations and the Danish Contracts Act (Aftaleloven), while also meeting EU procurement directive requirements.
Suggested Sections

1. Parties: Identification of the Guarantor (bank/financial institution), the Principal (bidder), and the Beneficiary (tender issuer)

2. Background: Brief description of the tender process, reference to the tender number/identification, and the purpose of the guarantee

3. Definitions: Definition of key terms used in the guarantee, including 'Tender', 'Bid', 'Guarantee Amount', and other relevant terms

4. Guarantee: The core guarantee provision, specifying the maximum guarantee amount and the conditions under which it becomes payable

5. Duration: The validity period of the guarantee, including start date and expiry conditions

6. Demand Requirements: Specific requirements and format for making a valid demand under the guarantee

7. Payment Terms: Terms and conditions for payment, including payment period and method

8. Reduction and Release: Conditions under which the guarantee amount may be reduced or the guarantee released

9. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes

Optional Sections

1. Transfer and Assignment: Include when the guarantee needs to be transferable or when assignment rights need to be specifically addressed

2. Multiple Demands: Include when multiple partial demands may be permitted under the guarantee

3. Force Majeure: Include when specific force majeure provisions are required to be addressed

4. Language: Include when the guarantee may be issued in multiple languages or when language precedence needs to be established

5. Notices: Include when formal notice requirements need to be specified beyond the demand requirements

6. Anti-Money Laundering Compliance: Include when specific AML requirements need to be addressed, particularly for international tenders

Suggested Schedules

1. Form of Demand: Template for making a valid demand under the guarantee

2. Tender Details: Summary of the relevant tender details including tender number, project description, and bid submission deadline

3. Authority Documentation: Copies of authority documents proving the signatories' powers to issue/sign the guarantee

Authors

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Relevant Industries
Relevant Teams
Relevant Roles
Industries
Danish Contracts Act (Aftaleloven): The fundamental law governing contract formation, validity, and enforcement in Denmark. Essential for establishing the basic legal framework of the bid bond guarantee.
Danish Public Procurement Act (Udbudsloven): Implements EU public procurement rules and governs tender processes in Denmark, including requirements for bid securities and guarantees.
EU Directive 2014/24/EU: The European Union directive on public procurement that provides the framework for tender processes and associated securities across EU member states.
Danish Financial Business Act (Lov om finansiel virksomhed): Regulates financial institutions and their ability to issue guarantees, relevant when the bid bond is issued by a bank or financial institution.
Danish Administration of Justice Act (Retsplejeloven): Contains provisions regarding enforcement of securities and guarantees, relevant for enforcement mechanisms in the bid bond.
Danish Limitation Act (Forældelsesloven): Governs the limitation periods for claims, including those arising from guarantees and securities.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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