Bank guarantees mean an official document that obliges a financial structure to pay a certain amount of funds to the company acting as the customer if the performer refused to properly fulfill the conditions set out in the contract. At the same time, there are 3 types of bank guarantees.
In competitive bidding documents, customers often prescribe an electronic bank guarantee for the ProZorro tender and a guarantee of contract performance. In this case, these guarantees will act as financial security for the bidders’ performance of the prescribed obligations in the event of winning the auction or entering into a contract.
Bank guarantees are monetary obligations provided to the bidder by a banking organization that confirms that the participant has fulfilled all obligations. In this case, the bidder should provide a full set of documents, or specify a link to it on the trading platform, after which the bank calculates the amount for obtaining an electronic Bank guarantee. Its cost is affected by the type and amount of the tender.
Legal entities will need to provide:
- company balance sheet (Form 1);
- statement of financial results (Form 2).
The following set of documents is available for private entrepreneurs:
- tax return;
- current account statement.
Kasyanenko & Partners Law Company specialists are ready to provide assistance related to issuing a bank guarantee and preparing the necessary documentation. We have extensive experience in issuing tender offer collateral in the form of a bank guarantee for all types of customers.
