OFFER’S INSURANCE (PUBLIC PROCUREMENT BID BOND)

COVERAGE

According to law every fiscal subject that submits a bid is obliged to insure it in way to participate in the tender organized by Public Prosecution Entities.

The INSURER guarantees and compensates the Prosecution Entity as the Beneficiary in case:

• The bidder withdrew or changed the proposal, after the deadline or before it, if so is defined in the tender’s documents;
• The bidder has given an irresponsive proposal;
• The bidder refused the signing of the fiscal contract when the contractual authority requires something like this;
• The bidder has not presented the insurance of the contract, where the proposal is announced the winner or hasn’t completed any other condition before the signing of the definite contract in the tender’s document.

CLAIMS DOCUMENTS

- Original insurance policy

- Written Beneficiary Request mentioning the non complement of one of the above conditions.