The Bid Bond Tender Guarantee is a crucial document in South African tender processes, particularly for high-value projects where the tender issuer requires security against potential losses. This guarantee is typically required when submitting bids for government contracts, large-scale construction projects, or significant procurement tenders. The document specifies the maximum guarantee amount (usually 5-10% of the bid value), validity period, and conditions for payment. It must comply with South African banking regulations, the Public Finance Management Act, and relevant procurement laws. The guarantee serves as a risk mitigation tool for tender issuers while demonstrating the bidder's financial capability and commitment to the tender process.
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1. Parties: Identifies the three key parties: the Guarantor (bank/insurance company), the Principal (bidder/tenderer), and the Beneficiary (tender issuer)
2. Background: Brief context about the tender, including tender reference number and project description
3. Definitions: Key terms used in the guarantee, including 'Tender', 'Guarantee Amount', 'Expiry Date'
4. Guarantee: The core guarantee statement specifying the maximum amount guaranteed
5. Conditions for Demand: Specific circumstances under which the guarantee can be called upon
6. Payment Terms: The process and timing for payment upon valid demand
7. Expiry and Release: Terms regarding the expiry of the guarantee and conditions for release
8. Assignment: Prohibition or conditions for assignment of the guarantee
9. Governing Law and Jurisdiction: Specification of South African law as governing law and jurisdiction for disputes
10. Notices: Communication requirements and contact details for all parties
1. Multiple Beneficiaries: Required when the tender is issued by multiple entities or government departments
2. Step-In Rights: Used when allowing other entities to step into the role of beneficiary under specific circumstances
3. Currency Provisions: Needed for international tenders or when the guarantee amount is in foreign currency
4. Electronic Presentation: Required when allowing for electronic submission of demands
5. Anti-Money Laundering Compliance: Added when specific compliance requirements need to be highlighted
6. Force Majeure: Optional clause dealing with extraordinary circumstances affecting the guarantee
7. Language: Required when the guarantee needs to be available in multiple languages
1. Schedule 1 - Form of Demand: Template for making a valid demand under the guarantee
2. Schedule 2 - Tender Details: Detailed description of the tender, including specifications and requirements
3. Schedule 3 - Authority Documents: Copies of authority documents proving signatories' powers
4. Appendix A - Original Tender Notice: Copy of the tender notice or invitation to bid
5. Appendix B - Supporting Documents: Any additional documents referenced in the guarantee
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