Bid Bond

What is the object of the insurance?

Payment of an indemnity in favour of the beneficiay, in case of:

• the insured withdraws his offer during its valability period;
• the insured wins the auction (bid), but does not sign the contract in the specified term, as stated in the offer or the tender book;
• the Insured wins the auction (bid), but can not present the demanded guarantees for the execution of the contract, as stated in the tender book;
• the Insured contests the decision to the NCSC and it is rejected.

 What is the insured percent?

Usually, the insurance covers 2 % of the contract’s value.

What is the period of the insurance?

The bid bond is issued for a maximum period of 180 days.

What are the costs of the insurance policy?

The insurance premium is established based on the guarantee value, the valability period of the insurance, the requests of the beneficiary, as mentioned in the contract, the experience of the contractor, the value and the type of guarantees that the insured can sustain.