[CONTRACT #3] Bid Bond Vs Performance Bond | Front Loading | Civil Engieering | Procurement
Автор: Just Learn Civil
Загружено: 2022-04-04
Просмотров: 5095
This video explains what is Bid bond and Performance bond, when they are required, and who submit those documents, what happens if contract fails to submit those document.
Bid bond = bid security, earnest money deposit
performance bond = performance security, security deposit
The conditions when bid bond and performance are forfeited
The amount of bid bond and performance bond
The duration of validation of bid bond and performance bond
Additional performance is required when -
1. Contractor bid below 85% of the estimated amount
2. There is case of front loading
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