Performance Bond/ Guarantee
This is issued to guarantee the applicant's due and proper performance of contractual obligations in an underlying contract after the award of the tender and is required before the parties sign the contract. It is normally 10% or 20% of the contractual price.
100% – Either full cash cover or 50% cash and 50% conventional security.
1% per quarter subject to a minimum of Kes 5,000.00 per quarter.
- Bank Guarantee Application Form-completed by the client with full information validity period/ amount.
- Copy of letter of award from procurement authority.
- Copy of letter from tenderer accepting the award.
- Performance security format.
- Invitation to tender page.