IwacuFinance Guarantees is an online application to facilitate corporate companies and individuals to confidently bid for reputable public or private institutions’ bidding proceedings, or companies qualified as successful bidder for reputable public or private institutions’ bidding proceedings by providing an irrevocable promise that the liabilities of a debtor will be met in the event that the bidder fails to fulfill his contractual obligations.

To register for an account, navigate to the top navigation bar of our website and locate the "Register" option. Click on it to proceed with the registration process. During registration, you'll be prompted to fill in your Company name, phone number, and create a password. These details are essential for creating your account and ensuring secure access.

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.

Product presentation

Due to a big number of corporate companies who present a need for a Monetary guarantee, IWACU FINANCE Ltd has decided to introduce a product of BID SECURITY in the format of unconditional bank guarantee for only real estate contracts and infrastructure projects to facilitate corporate companies to confidently bid for reputable public or private institutions’ bidding proceedings.

Eligibility terms and Conditions

1. Tender reference (Tender Number, Bid Security Validity)
2. Have a proof of an upfront payment of un refundable commission of 2%+VAT of the BID Security Value

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.
Eligibility terms and Conditions

1. Performance amount
2. Issue Date / Effective Date
3. Expire Date
4. Audited Financial statements at least 2 last years
5. Request letter
6. Signed and notarized board Resolution (for companies with many shareholders) or share holder resolution (for companies with single share holder)
7. Valid Tax clearance certificate
8. Latest *Full* registration RDB certificate
9. Bank Statement for one year
10. Copy of Managing Director ID or passport
11. Having a collateral covering the PG at 100%, or Cash cover equivalent to at least 30% of the requested PG value
12. Proof of an upfront payment of all commissions on the approved PG value calculated on 2%+VAT per one quarter.

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. Eligibility terms and Conditions

1. Bank Account name
2. Bank Account number
3. Advance Guarantee Amount
4. Issue Date
5. Expire Date
6. Audited Financial statement for at least 2 years
7. Signed and notarized board Resolution (for companies with many shareholders)
8. Valid Tax clearance certificate
9. Have a copy of final notification letter as successful bidder
10. Have a copy of signed contract
11. Have a full registration certificate of the company
12. An updated tax clearance Certificate
13. Be ready to avail 100% cash collateral of the requested Advance payment facility value
14. Proof of an upfront payment of 7%+VAT of the appproved APG, as commision of the approved Advance payment guarantee value

To apply for a Bid Scurity on IwacuFinance Guarantees, you must have a tender reference number and have successfully registered an account with us. Navigation to Applications menu and Click on Bid security dropdown menu and select Umucyo Listing as your tender type, after input your tender reference number to search for tender information. If Tender is available, information regarding it will be provided down with Bid security amount and fee needed to be paid for application.

Click submit and Continue to next page where you will choose payment option ie "Bank" or "Momo code" and Submit your application, Once submission comleted you will receive notification for as application being received. Concerned department will oeprate on your application and you will notified on each step of approval or rejection.

Last Updated: 24/12/2024

Welcome to Iwacu Finance! These Terms and Conditions govern your use of our online services, including but not limited to the provision of guarantees for bidding on private and public tenders. By accessing or using our services, you agree to be bound by these Terms and Conditions. If you do not agree with any part of these terms, you must not use our services.

1.Introduction

Iwacu provides essential guarantees to support bids for private and public tenders. Our services include, but are not limited to, the following guarantees (collectively referred to as the **"Iwacu Finance Guarantees"**):

• - Bid Security Guarantees
• - Credit Line Guarantees
• - Performance Guarantees
• - Advance Payment Guarantees

These guarantees are designed to facilitate your participation in tender processes and ensure compliance with contractual obligations.

2. Eligibility

To use our services, you must:

• - Be a legally recognized entity or individual capable of entering into binding contracts.
• - Provide accurate and complete information during the application process.
• - Comply with all applicable laws and regulations.

3. Application Process

1. Submission of Request: You must submit a request for the desired guarantee through our online platform, providing all required documentation and information.
2. Evaluation: Iwacu reserves the right to evaluate your application and determine eligibility based on our internal criteria.
3. Approval: If approved, the terms of the guarantee, including fees, duration, and conditions, will be communicated to you.
4. Issuance: Upon acceptance of our terms and payment of the applicable fees, the guarantee will be issued within 48 hours, excluding weekends (Saturday and Sunday).

4. Fees and Payment

• - Fees for guarantees are determined based on the type of guarantee, the value of the tender, and other relevant factors.
• - Payment must be made in full before the issuance of any guarantee.
• - All fees are non-refundable unless otherwise stated in writing.

5. Obligations of the Client

By using our services, you agree to:

• - Provide accurate and truthful information at all times.
• - Comply with the terms of the guarantee issued.
• - Notify Iwacu immediately of any changes in circumstances that may affect the guarantee.
• - Repay any amounts claimed under the guarantee promptly and without delay, immediately upon demand by the tender issuer or in the event the guarantee is recalled.

6. Iwacu Finance Guarantees

• -**Bid Security Guarantee:** Ensures that you will honor your bid and enter into the contract if awarded.
• -**Advance Payment Guarantee:** Secures the repayment of any advance payments made by the tendering authority.
• -**Credit Line Guarantee:** Provides assurance of financial support for your project or tender.
• -**Performance Guarantee:** Ensures the satisfactory completion of the contract as per the agreed terms.

7. Limitation of Liability

• - Iwacu shall not be liable for any indirect, incidental, or consequential damages arising from the use of our services.
• - Our liability is limited to the value of the guarantee issued.

8. Termination

Iwacu reserves the right to terminate or suspend your access to our services at any time, without notice, for any reason, including but not limited to:

• - Breach of these Terms and Conditions.
• - Non-payment of fees. -Fraudulent or illegal activities.

9. Governing Law

These Terms and Conditions shall be governed by and construed in accordance with the laws of [Insert Jurisdiction]. Any disputes arising from these terms shall be resolved exclusively in the courts of [Insert Jurisdiction].

10. Amendments

Iwacu reserves the right to modify these Terms and Conditions at any time. Any changes will be effective immediately upon posting on our website. Your continued use of our services constitutes acceptance of the revised terms.

11. Contact Us

If you have any questions or concerns about these Terms and Conditions or our services, please contact us at:

• - **Email:** [info@iwacufinance.com]
• - **Phone:** [+250 788 376 370]
• - **Address:** [KBC, KN 3 AVE, Kigali]

By using Iwacu's online services, you acknowledge that you have read, understood, and agreed to these Terms and Conditions.