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Bid Bonds and Performance Guarantees

Published: Publisher: Zhilianhai Robotics News

What each one covers

InstrumentPurposeTypical form
Bid bondPrevents withdrawal during validityBank guarantee or insurance
Performance bondCovers delivery and performance5–10% of contract value
Advance payment guaranteeProtects prepaymentMatches the advance
RetentionCovers defects after acceptanceWithheld from payments

Practical notes

  • Check whether the guarantee must be from a local bank.
  • Confirm the release conditions and expiry, so money is not locked up unnecessarily.
  • A buyer should keep acceptance criteria clear — otherwise the security gets disputed rather than called.

This article is published by the Zhilianhai Robotics News site. Where policies, standards, prices, company capabilities or project status are involved, cross-check the original sources as well.

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