Bid Bond: essential for public procurement contracts

Protection against the risk of misconduct by the tenderer during the award procedure

Contact us

Bid Bond by Coface

During a tender, Coface’s bid bonds guarantee the buyer that the company will effectively be able to supply the service announced in its response to a tender. You guarantee the trustworthiness of your company and underline the relevance of your offer.

Protection against risks during the award period of a contract

Business activities can be subject to risks during commercial or financial transactions, and collateral instruments play a major role in this regard.

Any company that wants to conclude contracts with the state is obliged to constitute the bid bond.

The surety bonds offered by Coface are the optimal alternative to the letter of credit.

Interested? Ask for a quote online, and we’ll get back to you straightaway - with no obligation.

Ask for an offer

What are the insured risks?

The Beneficiary will be compensated when the Insured:

Who are the insured & beneficiaries?

The Insured

Companies registered in Romania or in other states of the European Union or associations of companies registered in Romania or in other states of the European Union.

The Beneficiaries

Contracting authorities, as defined by Law 98 on public procurement 

and

Contracting entities, as defined by Law 99 on sectorial procurement.

Conditions for concluding Bid Bonds?

  • The insured value may be a maximum of 1% of the estimated value of the procurement contract or in the case of the framework agreement of the estimated value of the largest subsequent contract
  • The validity period is equal to the minimum validity period of the tender
  • Bid bond must be irrevocable
  • The bid bond must state that the indemnification will be made unconditionally

CofaNet Bond: digital management of policies

Accesible to Coface partners, CofaNet Bond platform allows the efficient management of surety bonds policies.

Advantages:

  • 100% integrated subscription process
  • fast and structured delivery of information
  • access to the client portfolio
  • reduced response times
  • policies issuancesin digital format

Three reasons to choose Coface Bid bonds

This product is Coface's answer and contribution to the need for companies to attend in safe conditions to tender processes.

Surety Bonds

*mandatory field

(About personal data protection)