A Bid Guarantee is usually provided before/ during the bidding process to the project owner. Nordic Guarantee’s Bid Guarantee serves to guarantee that, should the bidder be awarded the contract, the bidder will be in a position to furnish the guarantees required under the contract. Nordic Guarantee can satisfy this security requirement by issuing a Bid Guarantee to the customer on your behalf.
The specific Bid Guarantee you may require will depend on the nature of the contract you wish to bid on. Unlike usual insurance policies, Bid Guarantees are not subject to payment of a First Loss, Excess payment or a Deductible. Bid Guarantees relate to specific agreements/ contracts and are invariably only valid for limited periods. Although a Bid Guarantee is an irrevocable document, there is no requirement to return the original document after the Bid Guarantee lapses. This is one example how we strive to make your live a little bit easier.
Nordic Guarantee is the obvious choice when you need a Bid Guarantee
We specialise in providing Bonds- full stop! As a result, we possess the skill-set and specialist expertise to deal with anything relating to Bonds. Furthermore, a Bid Guarantee provided by Nordic Guarantee afford clients the same protection and security as a Bank Guarantee. Our range of Bid Guarantee -products are designed to meet the particular standards set in a range of industries. However, should you have a unique requirement, we are willing and able to propose a customised solution to suit your business. Overall, our Bid Guarantee serves to improve your company’s liquidity without compromising its existing bank credit facilities. Most importantly, we pride ourselves on a straightforward, fast and convenient application process with no hidden setup fees or administration costs.