A tender bond or bid guarantes for Africa is a construction bond that protects the owner or developer in a construction bidding process and is commitment made by the issuing bank that the bidder provides to the project owner to ensure that if the contractor fails to honor the terms of the bid, the bond beneficiary will be compensated
a Bid Bond used within a bidding process for projects and contracts in Africa and requested by the beneficiary as commitment that the contract will be taken up if it is awarded. In case that the contract is not taken up, then there will be a claim for the value of the bond.
Bid bonds, also known as tender bonds, are always required for projects in Africa. They are usually on-demand bonds submitted with a tender to secure the tender's commitment to commence the contract in favour of an African beneficiary..
TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE