Tender Bond Guarantee

Tender Bond Guarantee Procedure

The Tender Bond Guarantee (Bid Bond) is used when a buyer or developer is obtaining tender for a contract and requires a bond as security against the risk of the successful bidder failing to enter into the contract.

Getting Tender Bond Guarantee is very important if you want your company to become competitive in the construction industry. In fact, in some localities, a Tender Bond Guarantee is required so you can obtain licenses and permits. Most importantly, almost all project owners and developers will require a bond from you before you can bid on their projects.

If you want to obtain juicy contracts from importers or principal developer to ensure that buyers or project owners will trust your company, then you need to secure Tender Bond Guarantee. You can obtain such Tender Bond Guarantee from Interbank Trading Africa L.L.C very easily.

Types of Bank Guarantee:

Bank Guarantee – BG

Performance Guarantee / Bond – PG/PB

Advance Payment Guarantee – APG


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Tender Bond Guarantee Procedure

1. Supplier / Contractor submits requirement in terms of pro-forma invoice or buy and sell agreement or contract of their deal to IBTA.

2. IBTA carries due diligence of their commercial transaction between the parties involved and will inform the concerned parties about the approval or rejection of their TBG application.

3. Once the TBG application is approved then the Supplier / Contractor will provide certain documents and pay the TBG issuance fee charges.

4. IBTA will immediately act and will provide from their bank account with European Bank the required TBG on behalf of Supplier / Contractor & in favor of buyer / developer to conclude their transaction.