Business, Legal & Accounting Glossary
A Tender Bond is required by a Contractor during the submission of tenders for contract jobs to the Principal.
A Tender Bond is guarantee given by a company that it will not withdraw from a contract, if it is awarded, after having submitted a tender.
A Tender Bond is required by a Contractor during the submission of tenders for contract jobs to the Principal.
The primary purpose of a Tender Bond is to guarantee that the contractor who is awarded the contract will undertake the contract under the terms at which the contractor has submitted and is capable of providing a Performance Bond thereafter.
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This glossary post was last updated: 1st July, 2019 | 0 Views.