A Bank Guarantee for Tender Security is a crucial document in the U.S. procurement process, regulated by federal banking laws and state-specific requirements. It's typically required when participating in significant tenders, particularly in government contracts, construction projects, or large-scale procurement. The guarantee ensures that bidders maintain their commitment throughout the tender process and provides compensation to the beneficiary if the principal fails to honor their bid or sign the contract. The amount usually ranges from 1% to 5% of the tender value, and the guarantee remains active until the tender process concludes or the contract is signed.
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1. Parties: Identifies the bank (guarantor), the beneficiary, and the principal (tender participant)
2. Background: States the purpose of the tender and reason for guarantee requirement
3. Definitions: Defines key terms used in the guarantee including 'Tender Security', 'Guarantee Amount', 'Validity Period'
4. Guarantee Amount: Specifies the maximum amount of the guarantee and currency provisions
5. Validity Period: States the effective period of the guarantee, including commencement and expiry dates
6. Conditions for Calling: Specifies circumstances under which the guarantee can be called and claim procedures
1. Dispute Resolution: Optional clause specifying mechanism for resolving disputes, particularly relevant for international parties or complex tenders
2. Step-in Rights: Optional provisions defining rights of the bank to step into the tender process, typically used in large infrastructure or construction tenders
3. Currency Provisions: Optional detailed provisions regarding currency and exchange rates, used when guarantee involves international transactions
1. Form of Demand: Standard format template for making a claim under the guarantee
2. Tender Details: Summary of the tender requirements and specifications referenced in the guarantee
3. Bank's Authorization: Evidence of authority to issue guarantee and relevant banking licenses
Relevant legal definitions
Applicable Law
Beneficiary
Bid
Claim
Demand Notice
Effective Date
Expiry Date
Guarantee Amount
Guarantor
Letter of Award
Maximum Liability
Principal
Tender
Tender Documents
Tender Security
Validity Period
Business Day
Contract
Default
Force Majeure
Governing Law
Notice
Obligations
Payment Date
Related Documents
Security Period
Tender Process
Working Days
Beneficiary
Bid
Claim
Demand Notice
Effective Date
Expiry Date
Guarantee Amount
Guarantor
Letter of Award
Maximum Liability
Principal
Tender
Tender Documents
Tender Security
Validity Period
Business Day
Contract
Default
Force Majeure
Governing Law
Notice
Obligations
Payment Date
Related Documents
Security Period
Tender Process
Working Days
Clauses
Guarantee Amount
Duration and Validity
Calling of Guarantee
Payment Obligations
Rights of Beneficiary
Bank's Undertaking
Assignment and Transfer
Governing Law
Jurisdiction
Notices
Amendment and Variation
Force Majeure
Waiver
Severability
Expiry and Return
Claims and Demands
Indemnification
Counterparts
Currency
Default Events
Representations and Warranties
Non-Assignment
Costs and Expenses
Dispute Resolution
Termination
Duration and Validity
Calling of Guarantee
Payment Obligations
Rights of Beneficiary
Bank's Undertaking
Assignment and Transfer
Governing Law
Jurisdiction
Notices
Amendment and Variation
Force Majeure
Waiver
Severability
Expiry and Return
Claims and Demands
Indemnification
Counterparts
Currency
Default Events
Representations and Warranties
Non-Assignment
Costs and Expenses
Dispute Resolution
Termination
Relevant Industries
Construction
Government Contracts
Energy
Defense
Transportation
Relevant Teams
Legal
Finance
Procurement
Treasury
Compliance
Relevant Roles
Procurement Manager
Contract Manager
Bank Relationship Manager
Bid Manager
Treasury Manager
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