What Is a Refunding Bond?

The bid security refers to the bid liability guarantee issued by the bidder in accordance with the requirements of the bidding documents and expressed in a certain amount. Its essence is to avoid the loss to the bidder due to the behavior of the bidder arbitrarily withdrawing, withdrawing the bid or failing to submit a performance bond and signing the contract after the bid is valid. In addition to cash, the bid bond can be a bank guarantee, confirmed check, bank draft, or cash check issued by the bank. ^[1]

Bid bond

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The bid security will be forfeited when any of the following occurs:

(1)

The submission time of the bid deposit should be submitted in an effective form before the bid opening. The time before the bid opening is sufficient. Starting from knowing the purchase information, there will usually be a period of time until the purchase deadline.

There are various forms of submission of bid deposits, but which one is more secure, reliable, and easy to implement? Article 37 of the Measures stipulates: "Bid deposits can be made by cash checks,

Article 56 of the Measures for Tendering and Bidding of Engineering Construction Projects (Order No. 30 of the Seven Ministries and Commissions) stipulates that Article 63: The tenderer shall submit the bid to the successful bidder and the unsuccessful bidder within five days after signing the contract with the successful bidder at the latest The person will refund the bid deposit and the bank deposit interest for the same period.

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No matter how timely the bid deposit is returned, there is

In government procurement activities, one of the important contents of the bidding document is the bid security clause, and this clause also becomes

The management of bid deposits allows bidding and purchasing units to "cross the river by feeling the stones", and there is no unified and rigorous model for reference. However, the documents staying on the legal effect level of the regulations are too vague in description and lack practical and enforcement effects. It seems that the legal depth of the bid bond is not strong enough to be relied upon. Therefore, from the perspective of standardizing procurement procedures and restricting procurement behavior, it is necessary to strengthen uniform legal regulations on the procedures, amount, time limit, payment and return methods, receivers, managers, and related liability penalties for submitting bid security deposits as soon as possible. Strengthen the legal effectiveness of bidding deposits, so that bidders and bidders have the legal basis, evidence, and rules to follow, so that the management of bidding deposits is on the track of legalization and standardization. The relevant laws and regulations on bidding deposits To be released as soon as possible.