When you spot a tender advertisement asking for a Bid Bond, this is it. A Tender/Bid Bond is a guarantee issued by us on your behalf to aid the in the bidding for a contract/supplies. It assures the owner of the tender that the supplier will deliver as per the terms stipulated in the contract.
Bid Bonds can be processed in just 2 hours and can cost from as low as KES 2,000.
Once you land that deal, you may be required to submit a performance bond. A performance bond provides assurance that the project/job awarded will be done satisfactorily as per the terms of the contract engaged.
The guaranteed amount is usually 10% of the contract value. The validity is usually until the full completion of the contract and may include a further claim period
At Credit Bank, we have issue a variety of bonds to suit your needs as a business. Other forms of bonds we issue include:
- Customs Bonds
- Transit Bonds
- Security Bonds
- Immigration Bonds