About Bid Bond Insurance
A Bid Bond insurance is necessary in order to participate at a tender for public acquisition, where a letter of bank guarantee or an instrument of warranty must be submitted, issued, according to the law, by an insurance company. In this situation, a Bid Bond is the document you need.
The Bid Bond represents an instrument of warranty by which City Insurance commits before the Beneficiary, on behalf of the Bidder, regarding the non-fulfillment of the following aspects:
- The Bidder has withdrawn the offer during its validity period;
- Subsequent to the establishing the winning bid, the Bidder did not set up the performance bond guarantee, during the validity period of the offer;
- Subsequent to the establishing the winning offer, the Bidder refused to sign the public acquisition tender during the validity period of the offer.
- If the Bidder’s appeal was rejected by the National Council for Solving Complaints and according to article 278, paragraph 1, letter d) of the OUG 34/2006, with its subsequent modifications and additions.
What are the advantages of a Bid Bond policy issued by City Insurance?
- Rapid feedback in terms of the completion of the financial analysis, as well as the issuance of the policy;
- The forms demanded by the Beneficiary are always respected;
- Competitive insurance premiums;
- The policies are issued according to the clauses demanded through the data sheet or the tender book;
- Extended territorial coverage.