FDH Bank Bid bonds provide the Principal or Seller with assurance that the bidder has the capacity and financial muscle to execute the job or deliver for the price quoted in the bid. This provides security to the contracting party that the tenderer or bidder has the ability to carry out the work being tendered for. It secures payment for the beneficiary (the contracting party) of the guaranteed amount under the following stipulated circumstances:
- Where the offer is withdrawn before its expiry date.
- Where the tenderer repudiates the contract after it has been awarded.
- Where the successful tenderer fails to provide a replacement.
Available within 48 hours.