A bond is a written contract in which one party called the surety usually a bank or an insurance company agrees to guarantee the performance of another party the client to a third party called the beneficiary following a contract between the client and beneficiary.
This is a guarantee provided during a tendering process, guaranteeing the tenderer/bidder will honour his bid and will:
- Not withdraw his tender during the period of validity
- Enter into a contract should he win the bid
- Provide a performance bond when to do so
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