Contract Securitization: Bidder’s Bank Guarantee

This Skill Bit shows that Bidder’s Bank Guarantees are sometimes called bank guarantees for bidding. These are financial instruments issued by banks to support contractors or bidders in a competitive bidding process. They function as a guarantee for project owners that the bidder is serious and financially capable of completing the project if awarded the contract.

Duration approx. 4 Min.

Tier: proficiency

A part of Building an Effective Procurement Management Plan course.