BID SECURITY

Bid security refers to a form of guarantee or assurance provided by a bidder in a procurement process. It is a financial or non-financial commitment made by the bidder to demonstrate their seriousness and ability to fulfill the terms of the bid or contract if they are awarded the project.

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A performance guarantee, also known as a performance bond or contract bond, is a financial assurance provided by a contractor or supplier to the project owner (obligee) as a guarantee that they will fulfill their contractual obligations in accordance with the terms and conditions of the agreement.

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ADVANCE PAYMENT GUARANTEE

An Advance Payment Guarantee (APG), also known as an Advance Payment Bond, is a type of financial guarantee provided by a contractor or supplier to the project owner or buyer. It assures the recipient that if the contractor or supplier fails to fulfill their obligations, the advance payment received will be reimbursed.

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