Bid Bonds
A bid bond or tender security is always a requirement during the tendering process and is presented to the procuring entity as a guarantee for the bidding process. It’s an assurance that the successful bidder will execute the contract and provide the required performance.
MyCredit through partnership with reputable, recognized and authorized institutions, issue Bid Bonds or tender securities to enable tendering firms to obtain these guarantees for the contracts they bid for under flexible terms such as:
Features:
- Cash free
- No account opening
- Simple, Convenient and flexible
- Cross border / international bidding
- Turnaround time within 1 hour
Performance Bonds
Performance Bonds are a requirement upon the award of a contract as a commitment to the successful completion and fulfillment of the terms of the contract.
They are often issued for supply, projects or service contracts in order to guarantee the quality of works and timeliness or delivery.In other cases, a performance bond may be requested to be issued in other large contracts besides civil construction.
Features:
- No account opening
- Simple, Convenient and flexible
- Competitive rates
- Cross border / international contracts
- Turnaround time within 24 hours
Advanced Payment Guarantees
Upon the completion of a successful contract bidding process, you may require an advance payment from your client for mobilization before commissioning or commencement of the project. Such advance payments may be required to procure materials or supplies necessary for the immediate commencement of the contract.
However, the procuring entity will often require a guarantee that this advance payment will be used exclusively in discharging the obligations of the contract hence the advance payment guarantee.
