Specialised advice and tailored solutions, which aligns a company's specific data with the requirements in the award documentation, are the prerequisites for a good partnership to take over and manage the risks arising from contracts for complex projects, developed through public investment or European funds.
The bid bond is a mandatory policy, which insures the beneficiary in the situation of inappropriate behaviour of the bidder. Among the possible situations on which guarantees are required, we mention: if the offer is withdrawn during the validity period, if the successful tenderer fails to provide a guarantee of good performance in the period of validity of the offer or if it refuses to sign the procurement public contract.
The insurer's commitment to the contracting authority is firm, covering the damage created according to the terms and value of the guarantee. In the case of demonstrable fault, the claims are speedily honoured for compensation.
- Reduced costs compared to bank guarantee letters
- This avoids working capital blockage
- The policy allow participation in multiple public procurement procedures
- Specialised advice during the contract
- Issuance of the guarantee quickly and efficiently
- Issuance of the guarantee both irrevocably and unconditionally and conditionally
- Reduces the risks for the insured, provided that the payment is conditional on proof of non-fulfilment of a contractual obligation