Bid bond meaning in arabic. The bond s of friendship love there has been a close bond between them ever since she saved him from drowning. An amount of money that a company that makes the lowest bid to do a particular piece of work. A bid bond guarantees that the contractor if selected will enter into the contract for the bid amount and will provide the required contract security. A written guaranty from a third party guarantor usually a bank or an insurance company submitted to a principal client or customer by a contractor bidder with a bid.
Performance bond definition written guaranty from a third party guarantor usually a bank or an insurance company submitted to a principal client or customer by a contractor on winning the bid. If the contractor fails to honor the terms of the bidfor example he raises his price for the job after the contract is signedthe contract may be broken and the owner will have to find another contractor for the project presumably the next lowest bidder. 1018 jul 5 2012. Contracts arabic term or phrase.
Arabic to english translations pro law. A bid bond serves as a guarantee that the contractor who wins the bid will honor the terms of the bid after the contract is signed. Performance bond ensures payment of a sum not exceeding a stated maximum of money in case the contractor fails in the full performance of the contract. The cash deposit is subject to full or partial forfeiture if the winning contractor fails to either execute the contract or provide the required performance andor payment bonds.
A bid bond is issued as part of a supply bidding process by the contractor to the project owner to provide guarantee that the winning bidder will undertake the contract under the terms at which they bid.