While drafting the bid bond (Tender guarantee) we were curious about the wording a.ka. content verbiage of the guarantee draft, and it was so specific which cannot be altered nor our compliance team will authorize. It took roughly 3 days to review the tender document which was governed by the middle eastern law. And we were patience to review only the bid bond contents in a tender document to alter and prepare the specific wording for the (Applicant). Due to a good credit rating maintained by the applicant and legible beneficiary (UAE Government), our compliance team approved the draft and validated to prepare a hard copy bid bond.
The value of the bid bond is approximately $250,000.00 (Two hundred and fifty thousand US Dollars), Valid for 120 days from the date of issuance and dispatched the hard copy of the instrument to the applicant’s regional office. Fortunately, our applicant granted as an L1 which means Lowest 1 to secure the tender and awarded to initiate the project. Now we are in a process to issue a Performance guarantee and advance payment guarantee via SWIFT mode after the negotiation between the client and the beneficiary.
Usually, Participants either Small, Medium or large businesses routinely required the line of credit not only as working capital or loan, most importantly to fulfill the trade bargains. We support and work along with the clients who need a credit line for letters of credit or bank guarantees.
To get or to renew a consistent line of credit you must acquire an asset nor securities to pledge with the banks or financial institutions, but many businesses suffer to stay afloat with the per diem basis of profit cash flow or borrowed debt which increases their liability and threaten the growth stage, So we started our trade financial service to help the companies by learning the peoples situation and support them expand their ambitions.
You are lucky that applicant got awarded. Haha.
And what else do you offer apart from bid bond? We are in need of Foreign LC at sight. We are iron scrap dealers in India.
We offer all sorts of trade finance products, which are limited to DLC, Guarantees and SWIFT Services. You can download our application form which is available on the products page.
Thanks a lot!
Hello, I need an LC at sight, What is the procedure. Please contact me.