Document background
The Bid Bond Tender Guarantee is a crucial document in Irish procurement processes, particularly for high-value or public sector tenders. It serves as a risk mitigation tool for tender authorities, ensuring that only serious bidders participate in the tender process. The guarantee typically amounts to 1-5% of the bid value and becomes payable if the bidder withdraws their bid before the validity period expires, fails to sign the contract if awarded, or doesn't provide required performance security. The document must comply with Irish contract law, the Public Procurement Regulations 2016, and relevant EU directives. It's commonly required in public tenders, major infrastructure projects, and significant commercial contracts where the tender authority needs security against non-performance by bidders.
