Bid Bond for Dubai, UAE

[moscowmail]

Does anyone know of an insurance or bank that can issue a Bid bond without having to block the amount, the bid bond should be for approx $1.4 million for a period of 120 days

Also, it is for a contract with the Dubai municipality and they are asking for an unconditional bid bond guarantee, is this normal?


I have only dealt with performance and advance payment guarantees in the past

L

[Surety Queen]

Originally Posted by moscowmail

Does anyone know of an insurance or bank that can issue a Bid bond without having to block the amount, the bid bond should be for approx $1.4 million for a period of 120 days

Also, it is for a contract with the Dubai municipality and they are asking for an unconditional bid bond guarantee, is this normal?


I have only dealt with performance and advance payment guarantees in the past

L

Best you have this dialogue with someone who can write bonds in Dubai. This is not anything we can help you with.

[bondman]

The security required will be dependant on the relationship the contractor has with the bond provider, but, yes, a Bid bond can be without having to block the amount. Its purely a relationship issue.

It is standard practice for The Dubai Municipality to call for an unconditional bid guarantee. It will have to be issued by a local bank